Cigarette and tobacco products tax; increases, revenue to be deposited in Transportation Trust Fund. (SB5026)
Introduced By
Sen. Russ Potts (R-Winchester)
Progress
√ |
Introduced |
X |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Increase in cigarette tax and tobacco products tax. Effective July 1, 2007, increases the cigarette tax from 1.5 cents to 5.25 cents per cigarette sold and increases the tobacco products tax from 10% of the manufacturer's sales price to 15%. All revenues generated under the bill would be deposited into the Transportation Trust Fund. For an individual package of cigarettes containing 20 cigarettes (currently the majority of packages), under the bill the cigarette tax effective July 1, 2007, would be $1.05 per pack. Amends § 32.1-366, § 58.1-1001, § 58.1-1018, § 58.1-1021.02, § 58.1-1021.05, § 58.1-3831, of the Code of Virginia. View Full Text »
Outcome
Bill Has Failed
History
- 09/15/2006 Presented and ordered printed 067402788
- 09/15/2006 Referred to Committee on Finance
- 09/25/2006 Fiscal impact statement from TAX (SB5026)
- 09/28/2006 Passed by indefinitely in Finance (14-Y 1-N)