Higher Taxes on Tobacco and Nicotine Products, Including Vaping.
This act increases taxes on most tobacco products, such as cigarettes, roll-your-own tobacco, pipe tobacco, smokeless tobacco, and cigars. It also introduces a new tax on nicotine used in vaping products. The goal is to equalize tax rates across various tobacco and nicotine products, likely leading to higher prices for consumers.
Key points
Significant tax increases on cigarettes, roll-your-own tobacco, pipe tobacco, smokeless tobacco, and cigars.
Introduction of a new tax on nicotine used in vaping products, potentially increasing their cost.
Harmonization of tax rates for different tobacco and nicotine products to close loopholes.
Taxes will be adjusted annually for inflation, meaning product prices may rise with the cost of living.
Implementation of a floor stocks tax for retailers holding tobacco products before new rates take effect.
Status:
Introduced
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