Cuomo’s Revenue Raisers Or ‘Loophole Closing Actions’
Gov. Andrew Cuomo is keeping his promise not including any broad-based tax increases in his $132.5 billion budget proposal.
But he does include what are being termed “revenue closing actions” for the cigar tax and loose tobacco. Combined the measure raise $18 million.
Cuomo proposes shifting the cigar tax so that retailers take on more of the burden.
“This is not anticipated to have an impact on the retail price of cigars,” the briefing book assures cigar smokers.
Loose tobacco sales would now be taxed 75 percent of the wholesale price to $4.35 per ounce, which is the same per ounce rate for regular cigarettes.
But just as he’s adjusting taxes on tobacco, anti-smoking advocates will be dismayed to find he proposes cutting smoke cessation programs by $10 million over the next two fiscal years.
| Print article | This entry was posted by Nick Reisman on January 17, 2012 at 12:14 pm, and is filed under Andrew Cuomo. Follow any responses to this post through RSS 2.0. Both comments and pings are currently closed. |
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