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Cannabis Economic Development

Service

Profile
Services
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People

Harris Beach was one of the first statewide, full-service law firms to provide a variety of legal services to the cannabis industry.  An essential component to our Cannabis Industry Team is our firm’s Public Finance and Economic Development practice group, which can help you maximize state and local financial incentives for bringing investment and jobs to New York state.  From Buffalo to Long Island and everywhere in between, we have distinguished ourselves by delivering creative and unique solutions to ensure the successful execution of some of New York state's largest development projects. 

In collaboration with our Cannabis Industry Team, our Public Finance and Economic Development Practice Group can assist cannabis companies – large and small – in seeking financial assistance in establishing operations in New York state.

If you have any questions or comments regarding potential financial incentives for cannabis companies, please call or write the Harris Beach attorney(s) you may already be working with or any member of the Public Finance and Economic Development Practice Group listed in the Economic Development Handbook.

Financial Incentives through Local Agencies

  • Industrial Development Agencies (IDAs)
    • State and local sales and use tax exemptions
    • Real property tax abatement (i.e., payments in lieu of taxes or “PILOTs”)
  • Local Development Corporations (LDCs)
    • State and local sales and use tax exemptions

New York State Financial Incentives

  • Industrial Hemp Processing Grant Fund
    • Grants for machinery and equipment required to process industrial hemp
  • START-UP NY
    • Tax exemptions to new businesses located in “tax-free communities”
  • Excelsior Program
    • Tax credits for job creation, investment, R&D and real property

Federal Incentives

  • Opportunity Zones (only for certain types of businesses)
    • Provide investors with deferral of capital gains taxes for investments in low income areas
    • Reduce amount of deferred taxes owed by up to 15 percent
    • Eliminate tax on capital gains if qualified investment is held for at least 10 years

Economic Development Handbook

The Harris Beach PLLC Economic Development Handbook is used by issuers, developers, borrowers and underwriters, and underscores our experience in this area as it presents an in-depth discussion of financing structures and local, state and federal incentives available to New York state municipalities, their local agencies and commercial real estate developers.

Leader(s)

Pietra Zaffram

Pietra G. Zaffram

Member
(716) 200-5112
pzaffram@HarrisBeach.com

Team

Frank Pavia

Frank C. Pavia

Member
(585) 419-8709
fpavia@harrisbeach.com
Pietra Zaffram

Pietra G. Zaffram

Member
(716) 200-5112
pzaffram@HarrisBeach.com
All Insights, Audio |
 November 17, 2021
Why Cannabis Related Businesses Must Consider Legal and Tax Issues
As cannabis related businesses (CRBs) seek strong corporate foundations for business success in a rapidly shifting landscape, it’s critical ...read more
All Insights, All Publications, Legal Alert |
 April 2, 2021
New York State Legalizes Recreational Use of Marijuana
On March 31, 2021, Governor Andrew Cuomo signed into law the New York State Marijuana Regulation and Taxation Act (“MRTA”), which legalized ...read more
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Cannabis Economic Development

Service

Harris Beach was one of the first statewide, full-service law firms to provide a variety of legal services to the cannabis industry.  An essential component to our Cannabis Industry Team is our firm’s Public Finance and Economic Development practice group, which can help you maximize state and local financial incentives for bringing investment and jobs to New York state.  From Buffalo to Long Island and everywhere in between, we have distinguished ourselves by delivering creative and unique solutions to ensure the successful execution of some of New York state's largest development projects. 

In collaboration with our Cannabis Industry Team, our Public Finance and Economic Development Practice Group can assist cannabis companies – large and small – in seeking financial assistance in establishing operations in New York state.

If you have any questions or comments regarding potential financial incentives for cannabis companies, please call or write the Harris Beach attorney(s) you may already be working with or any member of the Public Finance and Economic Development Practice Group listed in the Economic Development Handbook.

■ All Services

Financial Incentives through Local Agencies

  • Industrial Development Agencies (IDAs)
    • State and local sales and use tax exemptions
    • Real property tax abatement (i.e., payments in lieu of taxes or “PILOTs”)
  • Local Development Corporations (LDCs)
    • State and local sales and use tax exemptions

New York State Financial Incentives

  • Industrial Hemp Processing Grant Fund
    • Grants for machinery and equipment required to process industrial hemp
  • START-UP NY
    • Tax exemptions to new businesses located in “tax-free communities”
  • Excelsior Program
    • Tax credits for job creation, investment, R&D and real property

Federal Incentives

  • Opportunity Zones (only for certain types of businesses)
    • Provide investors with deferral of capital gains taxes for investments in low income areas
    • Reduce amount of deferred taxes owed by up to 15 percent
    • Eliminate tax on capital gains if qualified investment is held for at least 10 years

Economic Development Handbook

The Harris Beach PLLC Economic Development Handbook is used by issuers, developers, borrowers and underwriters, and underscores our experience in this area as it presents an in-depth discussion of financing structures and local, state and federal incentives available to New York state municipalities, their local agencies and commercial real estate developers.

■ People

Frank C. Pavia

Member
(585) 419-8709
fpavia@harrisbeach.com

Pietra G. Zaffram

Member
(716) 200-5112
pzaffram@HarrisBeach.com

Harris Beach and its subsidiaries provide a full range of legal and professional services for clients across New York state, as well as nationally and internationally. Harris Beach is among the country’s top law firms as ranked by The National Law Journal and is among the BTI Elite law firms based on in-depth interviews of more than 600 corporate counsel at the world’s largest and most influential companies. Our clients include Fortune 100 corporations, privately-held companies, emerging businesses, public sector entities, not-for-profit organizations and individuals. Principal industries we represent include education, energy, financial, food and beverage, health care, insurance, manufacturing, medical and life sciences, real estate developers, and state and local governments and authorities.

Industry Teams
Automotive and Vehicle Dealerships
Blockchain and Digital Assets 
Cannabis
Construction and Surety
Educational Institutions Higher Ed
Educational Institutions K-12
EMS and Fire Protection Providers
Energy
Financial Institutions and Capital Markets
Food and Beverage
Health Care
Industrial and Consumer Manufacturing
Medical and Life Sciences
Municipalities and Local Agencies
Nanotechnology
Photonics
Racing and Gaming
Real Estate Developers
Science and Technology
Telecommunications and Media
Unmanned Aircraft Systems
USA Collegiate Sports
Veterinary Medicine

Practices
Alternative Dispute Resolution
Appellate
Business and Commercial Litigation
Collection Law
Commercial Real Estate
Corporate
Cybersecurity Protection and Response
Diversity Compliance
E-Discovery (e-infoSM)
Employee Benefits
Employment Litigation
Environmental Law
Environmental, Social and Governance (ESG)
Financial Restructuring, Bankruptcy and Creditors’ Rights
Government Compliance and Investigations
Health Law
Immigration Law
Insurance Coverage
Intellectual Property Law
International Trade Law
Internet Law
Labor and Employment Law
Mass Torts and Industry-Wide Litigation
New Markets Tax Credit
Patent, Trademark and Copyright Law
Product Liability and Comprehensive General Liability
Public Finance and Economic Development
Real Property Valuation Litigation
Residential Real Estate
Tax Law
White Collar Crime
Wills, Trusts and Estates

Consulting Services
HB Solutions LLC
Collegiate Sports Compliance
Data Privacy and Cybersecurity
Economic Development and Public Affairs
Educational Institution Assistance
EMRG® (E-Discovery Management Resources Group)
Energy
Health and Human Services
Human Resources
Information Technology
Marketing and Communication Services
Municipal and Local Agency Assistance

HB Cornerstone LLC
Owner Representation
Design Services
Facilities Consulting
Move Management

Caetra.io
CyMetric (Cybersecurity Regulation Compliance Software)

Offices throughout New York:

Albany
677 Broadway
Albany, NY 12207
518-427-9700

Buffalo
726 Exchange Street
Buffalo, NY 14210
716-200-5050

Ithaca
119 East Seneca Street
Ithaca, NY 14850
607-273-6444

Long Island
333 Earle Ovington Boulevard
Uniondale, NY 11553
516-880-8484

New York City
100 Wall Street
New York, NY 10005
212-687-0100

Rochester
99 Garnsey Road
Pittsford, NY 14534
585-419-8800

Saratoga Springs
513 Broadway
Saratoga Springs, NY 12866
518-587-0551

Syracuse
333 West Washington Street
Syracuse, NY 13202
315-423-7100

White Plains
445 Hamilton Avenue
White Plains, NY 10601
914-683-1200

Offices also in:

New Haven, CT
195 Church Street
New Haven, CT 06510
203-784-3159

Newark, NJ
One Gateway Center
Newark, NJ 07102
973-848-1244

Washington, DC
800-685-1429

Attorney Advertising. Prior results do not guarantee a similar outcome.
© 2022 Harris Beach PLLC

Content current as of March 23, 2023 7:05 am
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