Legislation filed today in the New York Legislature would repeal the state’s excise tax on medical marijuana sales.
Assembly Bill 7014 was filed today by Assemblymember Crystal Peoples-Stokes, a longtime proponent of reforming marijuana laws. The measure has been assigned directly to the Assembly Ways and Means Committee.
Under current New York tax code, medical marijuana dispensaries must pay a 7% excise tax on gross receipts from all medical cannabis sold.
The one-page bill states:
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 490 of the tax law is REPEALED.
§ 2. Section 89-h of the state finance law is REPEALED.
§ 3. This act shall take effect immediately.
In addition to repealing the medical marijuana excise tax, the proposal would repeal the medical cannabis trust fund.
The full text of Assembly Bill 7014 can be found by clicking here.
A companion bill was filed in the Senate in March. Senate Bill 5365 was filed by Senators Jeremy Cooney, Jessica Scarcell-Spanton, Leroy Comri and Timothy Kennedy. It has been assigned to the Senate Budget and Revenue Committee.
Medical marijuana was first legalized in New York in 2014, with recreational marijuana legalized seven years later in 2021.
