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BILL NUMBER:S8428
Title of bill
An act to amend the tax law, in relation to increasing the presumed "cost of the agent" relating to cigarette marketing standards
Purpose or general idea of bill
Increases the presumed "cost to the agent" for purposes of cigarette marketing.
Summary of specific provisions
Section 1: Amends subparagraph (B) of paragraph 1 of subdivision (b) of section 483 of the tax law, as amended by chapter 1 of the laws of 1999, to provide that the presumed cost of doing business by the agent selling to a wholesale dealer shall increase from seven-eighths of one percent of the basic cost of cigarettes plus two cents to seven-eighths of one percent of the basic cost of cigarettes plus twelve cents for a standard pack of 20 cigarettes. For sales to chain stores, the presumed cost of doing business shall increase from one and one-half percent of the basic cost of cigarettes plus two cents to one and one-half percent of the basic cost of cigarettes plus twelve cents for a standard pack of 20 cigarettes. For sales to retail dealers, the presumed cost of doing business shall increase from three and seven-eighths percent of the basic cost of cigarettes plus two cents to three and seven-eighths percent of the basic cost of cigarettes plus twelve cents for a standard pack of 20 cigarettes.
Section 2: Effective date.
Justification
Increased cigarette and tobacco excise taxes, the implementation of the bottle bill, rising energy costs and a variety of other factors have exacerbated an already difficult financial burden on convenience stores, bodegas and other retail and wholesale outlets. This legislation would give retailers and distributors a small but badly needed increase in their retail price and help keep their businesses afloat.
Prior legislative history
New legislation.
Fiscal implications
By increasing the minimum price of cigarettes sold in New York, the State will collect increased sales tax revenues.
Effective date
This act shall take effect July 1, 2010; provided, however, that if this act shall not have become a law on or before July 1, 2010, then this act shall take effect immediately and shall be deemed to have been in full force and effect on and after July 1, 2010.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.