Bill > SB178

This bill amends the Tobacco Products Tax Act in New Mexico to establish a new definition for "fine cigar" as a roll of tobacco wrapped in 100% natural leaf tobacco and to change the tax rate on tobacco products. Previously, a flat rate of twenty-five percent of the product value applied to all tobacco products, but this bill introduces a tiered tax structure: non-fine cigars will still be taxed at twenty-five percent of their value, while fine cigars will be taxed at a per-cigar rate of five cents for single-unit packages and three cents for multi-unit packages, with the tax being due by the 25th of the month following the taxable event, and these changes are set to take effect on July 1, 2016.