Sec. 12-296a. Additional tax imposed in direct relationship to amount of any reduction in federal tax below a certain level.
Sec. 12-296a. Additional tax imposed in direct relationship to amount of any
reduction in federal tax below a certain level. In addition to the tax imposed pursuant
to section 12-296, if the tax imposed by the federal government on cigarettes manufactured in or imported into the United States ever falls below eight dollars per thousand,
generally, on cigarettes weighing not more than three pounds per thousand or sixteen
dollars and eighty cents per thousand, generally, on cigarettes weighing more than three
pounds per thousand, a tax is imposed on all cigarettes held in the state by any person
for sale equal to the difference between: (1) The tax imposed on such cigarettes by the
federal government at or prior to the time such cigarettes become subject to taxation in
this state; and (2) the tax which would have been imposed on such cigarettes by the
federal government if the rate of tax on cigarettes by the federal government at the time
a tax was imposed on such cigarettes by the federal government was equal to the rate
of tax on such cigarettes by the federal government on July 1, 1985.
(P.A. 85-600, S. 3, 4.)