N.Y. Tax Law 492 – Definitions
§ 492. Definitions. For purposes of this article, the following definitions shall apply:
Terms Used In N.Y. Tax Law 492
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
(a) "Adult-use cannabis product" means cannabis, concentrated cannabis, and cannabis-infused products, as reflected on the product label, whether or not such adult-use cannabis product is for use by a cannabis consumer as such a consumer is defined in subdivision six of § 3 of the cannabis law. For purposes of this article, under no circumstances shall adult-use cannabis product include medical cannabis or cannabinoid hemp product as defined in § 3 of the cannabis law.
(b) "Cannabis" means all parts of the a plant of the genus cannabis, whether growing or not; the seeds thereof; the resin extracted from any part of the plant; and every compound, manufacture, salt, derivative, mixture, or preparation of the plant, its seeds or resin. For purposes of this article, cannabis does not include medical cannabis or cannabinoid hemp product as defined in § 3 of the cannabis law.
(c) "Cannabis edible product" means a product, containing either cannabis or concentrated cannabis and other ingredients, intended for use or consumption through ingestion, including sublingual or oral absorption.
(d) "Cannabis flower" means the flower of a plant of the genus cannabis that has been harvested, dried and cured but has not undergone any processing whereby the plant material is transformed into a concentrate, including, but not limited to, concentrated cannabis, or into an edible or topical product containing cannabis or concentrated cannabis and other ingredients. Cannabis flower excludes leaves and stem.
(e) "Concentrated cannabis" has the same meaning as the term is defined in § 3 of the cannabis law.
(f) "Distributor" has the same meaning as the term is defined in § 3 of the cannabis law.
(g) "Illicit cannabis" means and includes any adult-use cannabis product, including concentrated cannabis and cannabis edible products on which any tax required to have been paid under this chapter has not been paid. Illicit cannabis shall not include any cannabis lawfully possessed in accordance with the cannabis law or penal law.
(h) "Cannabis plant" means cannabis that has not been harvested, or undergone processing, drying or curing.
(i) "Person" means every individual, partnership, limited liability company, society, association, joint stock company, corporation, estate, receiver, trustee, assignee, referee, and any other person acting in a fiduciary or representative capacity, whether appointed by a court or otherwise, and any combination of the foregoing.
(j) "Sale" means any transfer of title, possession or both, exchange or barter, rental, lease or license to use or consume, conditional, or otherwise, in any manner or by any means whatsoever for a consideration or any agreement therefor.
(k) "Total THC" has the same meaning as the term defined in § 3 of the cannabis law.
(l) "Possession for sale" or "possessed for sale" means possession of more than five pounds of adult-use cannabis products, or one pound of concentrated cannabis products or cannabis edible products, at a business or other location used for the storage, distribution or sale of such cannabis products with the intent that such products be sold at retail. Possession shall be presumed to be for sale when the adult-use cannabis products are possessed in any place of business used for the buying and selling of such adult-use cannabis products. Possession shall not be presumed to be for sale when the adult-use cannabis products are possessed in a residence or other real property, or any personal vehicle on or about such property, not being used as a business for the buying and selling of such adult-use cannabis products.