SB1162
Tobacco products; caps statutory tax rate imposed on selling or distributing of cigars, etc.
Summary
As Introduced. Tobacco products tax; cigars.
Caps the statutory tax rate imposed on the selling or distributing of cigars by a distributor or remote retail seller at 20 percent of the manufacturer's sales price or 30 cents ($0.30) per cigar, whichever is lower. Under current law, the effective rate is 20 percent of the manufacturer's sales ... (More) price due to language in the appropriation act, which doubles the statutory rate. The bill also directs the Department of Taxation to update its form TT-8, Virginia Tobacco Products Tax Return (OTP), to begin collecting data on the number of premium cigars sold in the Commonwealth as a distinct category from all other cigars. The bill directs the Department to update such form as soon as practicable and provide a report of the data so collected and estimated fiscal impacts of adopting a cap of 30 cents ($0.30) per cigar or another rate on the tobacco products tax imposed on premium cigars to the Chairmen of the House Committee on Finance and the Senate Committee on Finance and Appropriations no later than December 1, 2025. (Less)-
Bill History
- 01/07/2025 - Senate: Prefiled and ordered printed; Offered 01-08-2025 25103445D
- 01/07/2025 - Senate: Referred to Committee on Finance and Appropriations
- 01/18/2025 - Senate: Impact statement from TAX (SB1162)
- 02/05/2025 - Senate: Left in Finance and Appropriations
