SB1505

Imposes excise taxes on cigarettes, little cigars, and premium cigars sold in the state.

Establishes an excise tax on cigarettes, little cigars, and premium cigars sold in the state. The tax rates vary over time, starting at 5 cents per cigarette and increasing to 16 cents per cigarette or little cigar. Premium cigars are taxed at 50 cents each. The bill also defines "premium cigar" and "characterizing flavor," and excludes premium cigars from the percentage excise tax. The tax rates and definitions are intended to help local premium cigar sellers compete with mainland and black market prices. The tax takes effect on July 1, 2025.