What is the official ID of this bill?
The official print number for this legislation is S 2929.
Tax rate parity for all tobacco and nicotine products
This Act amends the Internal Revenue Code of 1986 to increase federal excise taxes on tobacco products, including cigarettes, roll-your-own tobacco, cigars, and smokeless tobacco. A key change is the imposition of tax on extracted, concentrated, or synthesized nicotine (taxable nicotine) and discrete single-use units, aiming to equalize tax rates. The Act also establishes Floor Stocks Taxes and an annual inflation adjustment mechanism for tax rates.
Key points
Increases excise tax rates on cigarettes (small and large) and roll-your-own tobacco.
Establishes a new tax on 'taxable nicotine' (extracted, concentrated, or synthesized), excluding FDA-approved drug products.
Adjusts tax rates for pipe tobacco, smokeless tobacco, and cigars to achieve tax parity.
Imposes Floor Stocks Taxes on products held on the tax increase date, with a $500 credit allowed.
Implements an annual inflation adjustment for tax rates for calendar years beginning after 2023.
Status:
Expired
Record your position for audit.
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens
(explained here).
Start recording it now.