Bill Summary for H 341 (2011-2012)

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Bill: TOBACCO PRODUCTS TAX INCREASE.

Summary date: 

Mar 14 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 341 (Public) Filed Monday, March 14, 2011
TO PROTECT HEALTH AND TO PREVENT DEATH, DISABILITY, AND DISEASE AMONG NORTH CAROLINA RESIDENTS BY INCREASING THE TAX ON TOBACCO PRODUCTS.
Intro. by Weiss, Luebke, Glazier, Womble.

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Bill summary

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.