NY legalizes marijuana use; taxes, regs in the works

April 3, 2021

Marijuana-cannabis-money_GreenerCulture

New York last week became the latest state to legalize recreational marijuana. New Yorkers now can possess up to 3 ounces of cannabis for recreational use.

But don't expect to pick up some of that legal weed any time soon. While using marijuana is legal for adults age 21 or older, the process of approving dispensaries and establishing precise regulations and tax rules for cannabis distribution will take a while.

17 cannabis OK locales: Still, the Empire State's move is a big one. New York is the 17th jurisdiction to join the legal cannabis club. The toking fraternity includes 16 states and the District of Columbia.

Eleven more states are working on legalizing marijuana within their borders.

So today's Saturday Shout Outs go to two Big Apple news outlets covering the city's latest cultural change.

The New York Post looks at 8 things that New Yorkers can expect now that weed is legal.

The New York Times elaborates on what to know now that New York has legalized marijuana.

Both articles, of course, mention New York's upcoming marijuana taxes, at least in passing.

Comparing cannabis tax rules: For more on cannabis taxation, which often is a major (albeit often iffy) argument for legalizing the herb, a third Saturday Shout Out today goes to the Tax Foundation.

"The unique legal framework under which marijuana use and sales operate — that of differing state and federal legality — means that every state market is essentially a siloed market," writes Ulrik Boesen, Senior Policy Analyst, Excise Taxes, for the Washington, D.C.-based tax policy think tank.

"Marijuana products cannot cross state borders, so the entire process (seed to smoke, so to speak) must occur within state borders. This unusual situation, along with the novelty of legalization, has resulted in a wide variety of tax designs," note Boesen.

And as a bonus, the Tax Foundation's analysis of states' marijuana taxes features one of its always informative maps, reproduced below.

State-recreational-marijuana-taxes-2021_Tax-Foundation

Since I likely will be well into my dotage before Texas gets around to legalizing weed, my relaxation aid of choice this weekend (and beyond) will remain beer, which is a whole other type of taxation.

You also might find these items of interest:

 

Advertisements

 

 

Share:

The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

Latest Posts
6 tax moves to consider this June

June 3, 2026

Definitely take a break this June. But taxes don’t take vacations. So, you also should…

Read More
Tax Season 2026 Continues!

We made it. Tax Day 2025 is finally over. For most of us. When the filing season started on Jan. 26, millions who were expecting refunds filed immediately. Most of us got our returns to the Internal Revenue Service by April 15. But plenty of taxpayers also got extensions. They are looking at an Oct. 15 filing deadline.

Those procrastinating filers aren’t a problem. In fact, the IRS appreciates taxpayers who take time to fill out their 1040 forms correctly. It also is grateful that tax submissions are spread out a bit, especially now that the IRS is a leaner agency. Processing returns is easier when they arrive throughout the year instead of in massive bunches.

But enough about Uncle Sam’s tax collection issues. The focus now is on all y’all who filed for extensions, giving you another six months to complete your return. Since your new mid-October due date will be here before you know it, let’s get started now on meeting it.

The ol’ blog is here to help you finish up your extended Form 1040. You can start with January’s tax tips page, which has links to the rest of the year’s tips by-month collections. You also can peruse various tax categories for more tailored advice by clicking on the More Tax Posts drop-down menu at the top of this (and every) page.

And to make sure you don’t miss your new filing deadline, the count-down clock below will let you know just how much time you to file by Oct. 15. At the latest.e. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Comments