What's happening
This bill requires a study on the implementation of medical marijuana in New York, focusing on banking, tax, and employment tax issues.
Why it matters
Addresses practical barriers to the success of New York’s medical marijuana program. by examining how tax collection, employment taxes, and banking work, potentially identifying obstacles that hinder patient access and business operations.
Brings in expertise from other states with more mature medical marijuana industries. , ensuring that New York can learn from established best practices and avoid pitfalls experienced elsewhere.
Aims to clarify financial and regulatory uncertainties for registered organizations. (such as dispensaries), which could lead to improved compliance, safer financial transactions, and potentially smoother integration with the banking sector.
Mandates a quick turnaround for the study (report due in under a year),. which suggests an urgency to address these issues and possibly accelerate improvements to the medical marijuana system without delaying current operations.
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Who cares
Licensed medical marihuana organizations
The study would examine their banking opportunities and how authorities collect taxes and employment-related payments tied to their businesses.
Department of Taxation and Finance
The study would examine its methods for collecting and transferring money related to medical marihuana businesses.
Authorities collecting employment-related payments
The study would review their methods for collecting worker taxes, workers’ compensation payments and unemployment insurance contributions.
State health commissioner and legislators
The commissioner would be directed to arrange a study by a qualified entity with medical marihuana experience in other states, with findings due to the Legislature by January 16, 2020.
Headline styles
Study Medical Marijuana Finances
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
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 Finances
In Assembly Committee · Health · Sponsor Richard Gottfried
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2057
2019-2020 Regular Sessions
IN SENATE
January 22, 2019
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 twenty.
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.
LBD03492-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
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
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 implementa- tion 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, 2020.
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 - S. 7714 - Died in Health Committee 2017 Session - S5628 referred to Health 2018 Session - S.5628 referred to Health
Fiscal implications
To be within resources of the Department of Health
Effective date
Immediately
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.