summary
Introduced
01/26/2024
01/26/2024
In Committee
01/26/2024
01/26/2024
Crossed Over
Passed
Dead
02/29/2024
02/29/2024
Introduced Session
Potential new amendment
2024 Regular Session
Bill Summary
Effective July 1, 2024, the bill defines "premium cigars" and reduces the statutory rate of taxation of this particular tobacco product from the current rates for all non-cigarette tobacco products other than moist snuff of 36% of the manufacturer's list price (MLP) from July 1, 2024, through June 30, 2027, and 42% of the MLP on and after July 1, 2027, to 20% of the MLP, effectively rolling back the increases in the statutory taxation rate for such tobacco products since 2005. The bill does not affect taxation of premium cigars under section 21 of article X of the state constitution, which imposes an additional 20% tax.
AI Summary
This bill defines "premium cigars" and reduces the statutory rate of taxation on them from the current rates for all non-cigarette tobacco products, which are 36% of the manufacturer's list price (MLP) from July 1, 2024, through June 30, 2027, and 42% of the MLP on and after July 1, 2027, to 20% of the MLP, effectively rolling back the increases in the statutory taxation rate for such tobacco products since 2005. The bill does not affect the additional 20% tax on premium cigars imposed under the state constitution.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Senate Committee on Finance Postpone Indefinitely (on 02/29/2024)
Bill Topics
Health
- ‐ Tobacco Abuse, Treatment, and Education
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://leg.colorado.gov/bills/sb24-102 | 01/26/2024 |
| Fiscal Note FN2 | https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_sb102_f1.pdf | 07/11/2024 |
| Senate Finance Amendment L.001 | https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/31D31B795D572ECE87258AD2005B6313/SB102_L.001.pdf | 02/29/2024 |
| Fiscal Note FN1 | https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_sb102_00.pdf | 02/23/2024 |
| BillText | https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_102_01.pdf | 01/26/2024 |
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