A 5496: Relates to the timeframe for distributors of cannabis products to file tax returns.

  
  STATE OF NEW YORK ________________________________________________________________________ 5496 2025-2026 Regular Sessions  IN ASSEMBLY February 14, 2025 ___________ Introduced by M. of A. LUPARDO, STIRPE, PEOPLES-STOKES -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to authorizing distributors of cannabis products to file annual returns electronically The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision (a) of section 495 of the tax law, as added by 2 chapter 92 of the laws of 2021, is amended to read as follows: 3 (a) Every person on whom tax is imposed under this article shall, on 4 or before the twentieth day of the month following each quarterly period 5 ending on the last day of February, May, August, and November, respec- 6 tively, file electronically with the commissioner a return on forms to 7 be prescribed by the commissioner, showing the total amount of tax due 8 in such quarterly period, and including such other information as the 9 commissioner may require; provided, however, that a distributor for whom 10 tax is imposed pursuant to this article may elect to file electronically 11 with the commissioner for an annual period instead of a quarterly peri- 12 od. If a distributor elects to file electronically for an annual peri- 13 od, the distributor shall file electronically before the twentieth day 14 of the month following each year ending on the last day of December in a 15 manner prescribed by the commissioner. 16 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01105-01-5