New York cannabis firms get new tax break from state budget

New York’s marijuana producers and distributors are poised to get a tax break in the state budget that could give them an edge over cannabis companies in the rest of the U.S.

The language was included in one of 10 bills unveiled last week as Gov. Kathy Hochul tries to forge a budget deal with Democratic legislative leaders.

U.S. tax law prohibits companies that sell an illegal substance from taking tax deductions, under a provision known as 280E. Cannabis companies have long complained that this treats them unfairly, and that if they could take deductions like other businesses, they would be more profitable.

The proposal would let New

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