New York Gov. Kathy Hochul has signed a bill to include cannabis in the definition of crops under the state’s agriculture law. The approval allows cannabis to be defined as an agricultural product in the state affording it protections under state law and making cannabis eligible to receive an agricultural assessment.
Prior to the new regime, farmers who converted land from growing an agricultural product currently receiving an agricultural assessment to cannabis could lose the assessment on that portion of land converted to growing cannabis, which could have resulted in unforeseen real property tax increases and possible penalties for conversion.
“For the state to reach its goal of having an adult cannabis program that achieves its social equity goals, which includes distressed farmers, we must not penalize farmers who choose to grow cannabis.” — A.1234/S.1752 text
Hochul also vetoed a bill that would have changed the tax schedule for cannabis distributors to allow them to file the state’s 9% cannabis excise tax annually instead of quarterly. The proposal would have put the tax schedule in line with how the state treats the alcohol excise tax.
The governor did not issue a veto message for her action on the tax legislation.
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