Bill > A6070

This bill amends the Unfair Cigarette Sales Act of 1952 to update the presumed "cost of doing business" for cigarette retailers from 8% to 16% of the basic cost of cigarettes. The change reflects the increasing expenses retailers face, such as labor, rent, equipment maintenance, and other overhead costs. Under the revised law, when a retailer cannot provide satisfactory proof of their specific business costs, regulatory authorities will now assume their operating expenses are 16% of the cigarette's basic cost, instead of the previous 8%. This presumptive rate applies to both standard retailers and those who receive additional wholesale discounts. The bill aims to modernize the calculation of retailer operating costs to more accurately account for current business expenses and inflation. The new provisions will take effect on the first day of the third month following the bill's enactment, giving retailers and regulators time to adjust to the updated percentage.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/A6070