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2012 SESSION

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SB 618 Domestic tobacco; incentive payments for use by nonparticipating manufacturers.

Introduced by: Phillip P. Puckett | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Incentive payments for use of domestic tobacco by nonparticipating manufacturers.  Extends through 2014 the incentive payments made to certain nonparticipating manufacturers using domestic tobacco to manufacture cigarettes. Incentive payments in 2013 and 2014 would equal the amount paid by the nonparticipating manufacturer for domestic tobacco that was used by the manufacturer in manufacturing cigarettes in the respective year, but not to exceed five percent of the amount that the manufacturer paid into a qualified escrow account in the preceding year to escrow funds for potential future claims against the manufacturer.

Current law provides that a manufacturer eligible for an incentive payment is a person or entity that (i) does not participate under the tobacco Master Settlement Agreement, (ii) is in compliance with all obligations imposed on nonparticipating manufacturers, and (iii) has made an irrevocable assignment to the Commonwealth of the moneys it paid into the qualified escrow account.


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