Taxes

Despite increases for nearly every other tobacco and nicotine product, according to multiple reports, the tax rates for cigars will not be increasing as part of the state’s new budget.

The bill would create a Reparation Fund that would give out housing loans and pay for education and training programs. In order to fund these programs, new taxes would be introduced on a wide range of products ranging from rice to gold, including tobacco.

The bill failed to advance out a committee by a 4-3 vote, meaning Colorado cigar smokers will continue to pay some of the highest tax rates in the country.

The proposed language would introduce a tax cap of 30 cents per cigar, reducing the price of any cigar with an MSRP of at least $3.10.

Voting against Proposition II would have decreased tobacco tax rates in Colorado by 11.53 percent and tobacco companies would have gotten $23.65 million in tax refunds. Instead, two-thirds of the voters approved Proposition II, meaning the money will be used to fund preschool programs.

In 2024, the tax rate will more than double in Alaska’s second-largest city.

The bill would more than triple the federal taxes on premium cigars. Copy. Paste.

The bill includes Sen. Dick Durbin’s Tobacco Tax Equity Language that would dramatically increase the federal taxes paid on cigars. The weight-based tax would more than triple the federal taxes paid for a robustos and could amount to a nearly 500 percent increase on the federal taxes for a 6 x 60.

Hong Kong’s Health Bureau is surveying residents on potential new tobacco regulations encompassing everything from increased tobacco taxes to nicotine limits to a generational tobacco ban.

Cigars sold in the Silver State will get cheaper as of July 1.

The bill now heads to the desk of Gov. Joe Lombardo.