ALBANY, NY – Assemblywoman Donna Lupardo, along with Senator Jeremy Cooney of Rochester are announcing new legislation to make business deductions easier for licensed cannabis operators.

The legislation would amend the state law to allow licensed businesses/operators to deduct needed and ordinary expenses while filing tax returns.

Under the current law, cannabis retailers or businesses cannot do this.

“NY’s cannabis industry already employs hundreds and will be expanding significantly in the years to come. As a result of our advocacy, all hemp related, medical and adult-use cannabis businesses will now be able to take standard business deductions. This is fundamentally about fairness, equity, and a recognition that our tax system should not treat these businesses any differently, in spite of the federal prohibition,” says Lupardo.