Connecticut Budget Could Increase Cigar Tax Cap

Null

Earlier this year, Gov. Dannel P. Malloy released his proposed budget for FY2019. In it was a measure that would increase the state’s tax cap on cigars from 50 cents to $1.50.

Now his budget is moving through the legislative process.

Null

Last week, the Joint Committee on Finance, Revenue and Bonding gave the proposal a favorable recommendation and referred it to the Legislative Commissioners’ Office.

Cigars are taxed at 50 percent of their wholesale price, though capped at 50 cents. This means that virtually every large cigar is taxed at 50 cents because their wholesale price likely exceeds $1. Malloy’s proposal is likely to raise cigar prices as much as $2 due to the way cigars are sold.

0 Overall Score

Null
Charlie Minato
About the author

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 handle the editing of our written content, the majority of the technical aspects of the site and work with the rest of our staff on content management, business development and more. I’ve lived in most corners of the country and now entering my second stint in Dallas, Texas. I enjoy boxing, headphones, the Le Mans 24-hour, wearing sweatshirts year-round and gyros. echte liebe.

Related Posts

Null