Insights

NY Bill To Allow MJ Deductions

In a tweet by Senator Jeremy Cooney a new Bill S7518 would permit deductions for commercial cannabis activity. Cooney wrote “I am excited to introduce this new legislation to create a more equitable taxation system. Senate Bill S.7518 will amend the state tax law to allow cannabis enterprises licensed by New York State to deduct ordinary and necessary business expenses.”

Stop for a moment and marvel at how far we’ve come in the fight for sensible marijuana laws in the states. It seems like only yesterday that reefer madness had its authoritarian grip over the eyes and hearts of lawmakers and now we report regularly about legislatures writing laws like Cooney. Several states have legalized recreational marijuana, and even more have legalized medical marijuana. There simply is not a doubt anymore that the full fledged federal legalization of marijuana is less than a decade away. 

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