What is the official ID of this bill?
The official print number for this legislation is S 1314.
Higher Tobacco Taxes: Rate Equalization and New Fees.
This act significantly increases excise taxes on most tobacco products, including cigarettes, roll-your-own tobacco, pipe tobacco, smokeless tobacco, and cigars. The goal is to equalize tax rates across various tobacco products, which may affect their prices and availability for consumers. Additionally, the act introduces new taxation for discrete single-use tobacco units and an inflation adjustment mechanism for tax rates.
Key points
Prices of cigarettes, roll-your-own tobacco, pipe tobacco, and cigars are likely to increase due to higher taxes.
New taxes will be introduced for discrete single-use tobacco products, such as pouches or lozenges, potentially increasing their cost.
Tax rates will be automatically adjusted for inflation starting in 2021, meaning tobacco taxes may increase regularly.
Businesses holding tobacco product inventory before the changes take effect will be subject to an additional floor stocks tax on those inventories.
Status:
Expired
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