Bill > SB2

This bill: - Alters the definition of "other tobacco products" to include certain consumable products and their components or parts, while excluding certain other products. - Increases the sales and use tax rate on electronic smoking devices and vaping liquid. - Increases the tobacco tax rate for certain cigarettes and other tobacco products. - Imposes a new tax on the annual gross revenues derived from digital advertising services in the state, with rates ranging from 2.5% to 10% depending on the company's global annual gross revenues. - Requires the revenue from the new digital advertising tax to be distributed to the Blueprint for Maryland's Future Fund, which supports education initiatives. - Provides an alternative method for assessing and collecting the increased taxes on cigarettes and other tobacco products, with the revenue to be remitted by September 30, 2020. - Requires the Comptroller's Office to report on changes in consumption of cigarettes, other tobacco products, and electronic smoking devices over the preceding 12 months. - Expresses the intent of the General Assembly to distribute the sales and use tax and tobacco tax revenue collected in fiscal year 2021 to fund COVID-19 related costs and the Revenue Stabilization Account.

Budget and Finance

http://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0002?ys=2020RS