John Galt
12-13-2006, 09:05 AM
Texas House Bill 5 goes into effect January 1st.
1 - The cigarette tax changes from $20.50 per thousand to $70.50 per thousand.
2 - The tax rate for tobacco products other than cigarettes and cigars changes from 35.213% to 40%.
3 - Retailers, distributors and wholesalers must pay the higher tax rate for any inventory in posession on the 1st.
(even if it already has 2006 tax stamps)
4 - The cigar tax is unchanged (1.1 cents each).
1 - The cigarette tax changes from $20.50 per thousand to $70.50 per thousand.
2 - The tax rate for tobacco products other than cigarettes and cigars changes from 35.213% to 40%.
3 - Retailers, distributors and wholesalers must pay the higher tax rate for any inventory in posession on the 1st.
(even if it already has 2006 tax stamps)
4 - The cigar tax is unchanged (1.1 cents each).