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Also attached to this agenda item: Cannabis Excise Tax Agreement Memo regarding Cannabis Tax Agreement from Manager...

, the following resolution was adopted by the Board of Trustees of the Village of Croton- on-Hudson, New York, with a - vote: Resolution #250-2024 WHEREAS, pursuant to Section 493 of the New York State Tax Law, the sale of adult-use cannabis products is subject to a local excise tax of 4 percent of the product price, with the allocation of tax revenue specified therein; and WHEREAS, Westchester County receives 1 percent of the total tax on cannabis sales conducted within its boundaries, in accordance with state tax law; and WHEREAS, Section 496-b(b)(2) of the New York State Tax Law provides that in cases where a cannabis dispensary is situated in both a village and a town that permit the sale of adult-use cannabis, the remaining tax revenue shall be distributed evenly unless another proportion is agreed upon by the governing bodies of the town and village; and WHEREAS, the Village of Croton-on-Hudson and the Town of Cortlandt have negotiated an agreement specifying the allocation of cannabis excise tax revenue, with the Village receiving 2 percent and the Town receiving 1 percent of the tax generated from sales within the Village, NOW THEREFORE BE IT RESOLVED: that the Village Board of Trustees hereby authorizes the Village Manager to sign the Cannabis Excise Tax Agreement with the Town of Cortlandt. Dated: December 2, 2024