Legislation that would give marijuana distributors more time to file their quarterly tax returns has been advanced by the Senate Investigations and Government Operations Committee and sent to the full Senate, where it’s expected to receive a vote as soon as this week.
Sponsored by Senator Jeremy Cooney (D), Senate Bill 8091 would amend Section 495 of the state’s tax law to push back the due date for cannabis distributors to file tax returns. Currently, returns must be submitted by the 20th day of the month following the end of each quarter. Under the proposal, distributors would instead have until the 15th day after the close of each quarter—effectively granting them 25 to 30 extra days to file.
The quarterly periods covered by the law end on the final day of February, May, August, and November. The bill would maintain the requirement that distributors file electronically and report the total amount of tax owed, along with any other information requested by the commissioner.
If approved, the change would take effect immediately, with the goal of easing compliance for marijuana businesses and allowing additional time for accurate reporting.
