Colorado Tobacco Tax Hike Defeated
Colorado Gov. Jared Polis, D, suffered a defeat last night when his tobacco tax increase proposal was defeated after failing to garner enough support in the state senate.
HB 19-1333 would have created a ballot measure for citizens to vote on whether to increase the tobacco tax from 40 percent to 62 percent of the wholesale prices on other tobacco products including cigars. The measure would have also taxed e-cigarettes for the first time and increased the taxes on cigarettes from 84 cents per pack to $2.59.
In Colorado currently, a cigar that has an MSRP of $9.50 likely costs around $13.30 before any sales tax. If the new tax had passed, the price would have increased to $15.39 per halfwheel estimates.
Charlie Minato
I am an editor and co-founder of halfwheel.com/Rueda Media, LLC. I previously co-founded and published TheCigarFeed, one of the two predecessors of halfwheel. I have written about the cigar industry for more than a decade, covering everything from product launches to regulation to M&A. In addition, I handle a lot of the behind-the-scenes stuff here at halfwheel. I enjoy playing tennis, watching boxing, falling asleep to the Le Mans 24, wearing sweatshirts year-round and eating gyros. echte liebe.
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