The New York Senate has approved a bill that would give marijuana distributors more time to submit their quarterly tax returns, passing the measure 38 to 21 last week.
The proposal, Senate Bill 8091 and Assembly Bill 5496, is sponsored by Senator Jeremy Cooney (D) and Assemblymember Donna Lupardo (D). The legislation would amend Section 495 of the state’s tax law to extend the filing deadline for cannabis distributors.
Under current law, returns must be filed by the 20th day of the month following the end of each quarter. SB 8091 would change that to the 15th day after the quarter ends, giving distributors an additional 25 to 30 days to file. The affected quarterly periods end on the last day of February, May, August, and November.
The legislation keeps the requirement for electronic filing and mandates that distributors report the total amount of tax owed, along with any other information required by the commissioner. The bill is designed to give marijuana businesses more flexibility and time to ensure accurate reporting.
AB 5496 was approved today by the Assembly Rules Committee and sent to the chamber’s third reading calendar.
If enacted, the changes would take effect immediately.
