§ 99-ii. New York state cannabis revenue fund. 1. There is hereby\nestablished in the joint custody of the state comptroller and the\ncommissioner of taxation and finance a special fund to be known as the\n"New York state cannabis revenue fund".\n 2. Such fund shall consist of all revenues received by the department\nof taxation and finance, pursuant to the provisions of article twenty-C\nof the tax law and all other moneys credited or transferred thereto from\nany other fund or source pursuant to law. Nothing contained in this\nsection shall prevent the state from receiving grants, gifts or bequests\nfor the purposes of the fund as defined in this section and depositing\nthem into the fund according to law.\n 2-a. Revenues deposited into this fund pursuant to section fifteen of\nthe cannabis law shall first be used to reimburse the state general fund\nfor any funds transferred to this fund from the state general fund for\nthe purposes of supporting expenditures authorized under paragraph (d)\nof subdivision three of this section.\n 3. The moneys in such fund shall be expended for the following\npurposes:\n (a) Reasonable costs incurred by the department of taxation and\nfinance for administering and collecting the taxes imposed by this part.\n (b) Reasonable costs incurred by the office of cannabis management and\nthe cannabis control board for implementing, administering, and\nenforcing the marihuana regulation and taxation act.\n (c) Actual and necessary costs incurred by the office of cannabis\nmanagement and the cannabis control board, and the urban development\ncorporation, related to the administration of incubators and other\nassistance to qualified social and economic equity applicants including\nthe administration, capitalization, and provision of low and zero\ninterest loans to such applicants pursuant to section sixteen-ee of the\nurban development corporation act. Such costs shall be paid out of\nrevenues received, including, but not limited to, from special license\nfees paid by registered organizations pursuant to section sixty-three of\nthe cannabis law.\n (d) subject to available appropriations and providing that no more\nthan fifty million dollars in funding, shall be made available, whether\ndirectly or indirectly for investment in a private debt or equity fund\nformed pursuant to subdivision thirty-two of section one thousand six\nhundred seventy-eight of the public authorities law or to cover capital\ncosts associated with establishing conditional adult-use cannabis retail\ndispensaries for operation by social equity licensees duly licensed\npursuant to article two of the cannabis law. Such capital costs shall\ninclude all costs, including closely related ancillary costs, related to\nthe leasing, planning, design, construction, reconstruction,\nrehabilitation, improvement, furnishing, and equipping of such adult-use\ncannabis retail dispensaries, to the extent such work has been\nundertaken or costs for such work incurred by: (i) the office of\ncannabis management and the cannabis control board, (ii) the dormitory\nauthority of the state of New York, or any subsidiary thereof, under\nagreement with the office of cannabis management and the cannabis\ncontrol board, or with the private debt or equity fund formed pursuant\nto subdivision thirty-two of section one thousand six hundred\nseventy-eight of the public authorities law, or (iii) the private debt\nor equity fund formed pursuant to subdivision thirty-two of section one\nthousand six hundred seventy-eight of the public authorities law. Any\nrepayment of the state's investment by the fund, as authorized in this\nparagraph shall be deposited in the New York state cannabis revenue\nfund.\n (e) Beginning with the two thousand twenty-two--two thousand\ntwenty-three fiscal year and continuing through the two thousand\nthirty-two--two thousand thirty-three fiscal year, the commissioner of\ntaxation and finance shall annually disburse the following sums
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.