Bill Summaries: S338 (2011-2012 Session)

Tracking:
  • Bill S 338 (2011-2012)
    Summary date: Mar 14 2011 - View summary

    Identical to H 341, filed 3/14/11.

    Amends GS 105-113.5 to increase the tax levied on the sale or possession for sale in the state, by a distributor, of all cigarettes to a rate of 7.25 cents (currently, 2.25 cents) per individual cigarette.
    Amends GS 105-113.35 to increase the excise tax levied on tobacco products other than cigarettes to a rate of 41.25% (currently, 12.8%) of the cost price of the products.
    Amends GS 105-113.40A, directing the Secretary of Revenue to credit the net proceeds of tax collected on other tobacco products as follows: (1) 9.8% of the cost price of the products to the University Cancer Research Fund (rather than crediting only remaining funds) and (2) the remainder to the General Fund (rather than 3%). Includes whereas clauses.
    Effective January 1, 2012.
    Tax
    GS 105

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