Legislation to eliminate New York’s medical marijuana excise tax was filed today in the state’s Assembly.
New York Assembly Bill 4764 was introduced today by Assemblymember Crystal Peoples-Stokes, along with cosponsors Donna Lupardo, Andrew Hevesi, Karines Reyes, and Jo Anne Simon. The legislation has been referred to the Assembly Ways and Means Committee for consideration.
The bill seeks to repeal Section 490 of the state’s tax law, which imposes an excise tax on medical marijuana, as well as Section 89-h of the state finance law, which established the Medical Cannabis Trust Fund. If enacted, the measure would eliminate the excise tax on medical marijuana sales and dissolve the trust fund created to manage those tax revenues.
Peoples-Stokes has been a leading advocate for marijuana reform in New York, previously playing a key role in the passage of the state’s adult-use legalization law. The proposal aligns with efforts in other states like Washington to reduce costs for medical marijuana patients, who often face financial barriers despite the program being designed for those with serious health conditions.
The bill’s referral to the Ways and Means Committee is the first step in the legislative process. If approved, it would move to the full Assembly for a vote before heading to the Senate.
The full text and status of A4764 can be found here.
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