What's happening
This bill requires a study on medical marijuana implementation in New York, focusing on banking, tax, and employment tax issues.
Why it matters
Addresses critical gaps in financial services for the medical marijuana industry. by specifically requiring examination of banking opportunities for licensed organizations, potentially paving the way for safer, more transparent business operations.
Evaluates the effectiveness and challenges of tax revenue and employment tax collection. in the medical marijuana sector, which could highlight inefficiencies or barriers that affect both state revenue and compliance for businesses.
Mandates involvement of experts with out-of-state experience. , ensuring the study incorporates lessons learned from more mature medical marijuana programs and avoids common pitfalls seen elsewhere.
Ensures the study does not delay the ongoing rollout of medical marijuana in New York. , so patient access and industry development continue while regulatory improvements are researched.
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Who cares
Headline styles
Study Medical Marijuana Finances
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Referred to health
- Referred to health
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Study Medical Marijuana Banking Issues
In Assembly Committee · Ways And Means · Sponsor Richard Gottfried
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5628
2017-2018 Regular Sessions
IN SENATE
April 21, 2017
Introduced by Sen. SAVINO -- read twice and ordered printed, and when printed to be committed to the Committee on Health
AN ACT to amend the public health law, in relation to requiring a study of the implementation of medical marihuana in regards to banking, tax revenue collection, and employment tax collection issues
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The public health law is amended by adding a new section 3369-f to read as follows:
§ 3369-f. Study. 1. The commissioner is hereby authorized and directed to study implementation of this title in regards to banking, tax revenue collection, and employment tax collection issues.
2. Such study shall include, but not be limited to examining: the method used by the department of taxation and finance to collect and transfer money relating to the business of medical marihuana; the method used by the regulating authorities to collect worker taxes, workers compensation payments, and unemployment insurance contributions; and banking opportunities for the registered organizations licensed pursuant to section thirty-three hundred sixty-five of this title.
3. This study shall be conducted by a qualified entity with experience in the regulatory implementation of and market for the medical marihuana industry in other states with programs that have developed beyond that of New York state.
4. Such study shall be completed and submitted to the legislature no later than January sixteenth, two thousand eighteen.
5. Nothing in this section shall be construed to delay implementation of this title pending the outcome of this study.
§ 2. This act shall take effect immediately; provided however that the amendments made by section one of this act shall not affect the repeal of title 5-A of article 33 of the public health law and shall be deemed repealed therewith.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02576-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Purpose or general idea of bill
Relates to studying the implementation of the medical marihuana program specifically regarding issues related to banking, tax revenue collection, and employment tax collection.
Summary of specific provisions
The public health law would be amended by adding a new section 3369-f to require the Department of Health to conduct a study of the implementation of the medical marihuana program in regards to banking, tax revenue collection, and employment tax collection issues. The study would be presented to the Legislature by no later than January 16, 2018.
Justification
While the New York State medical marihuana program has been up and running since January 2016, issues related to banking, tax revenue collection, and employment tax collection remain. This would require the Department of Health to conduct a study of the implementation of the medical marihuana program in regards to these specific issues.
Prior legislative history
2016 - died in Health Committee; died on 3rd Rdg. in Assembly.
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.