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1999 SESSION
HB 2608 Tobacco Master Settlement Agreement.
Introduced by: W. W. Bennett, Jr. | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Tobacco Master Settlement Agreement. Requires any tobacco product manufacturer selling cigarettes after July 1, 1999, who does not participate in the Master Settlement Agreement between the Commonwealth and certain tobacco product manufacturers, to make deposits into a qualified escrow fund. The amount required to be placed in escrow is determined by multiplying the number of units (cigarettes or their equivalent) sold in a year by an amount that increases from $.0094241 in 1999 to $.0188482 in 2007 and thereafter, as adjusted for inflation. Funds may be withdrawn from escrow to pay judgments or settlements on certain claims, if the amount deposited exceeds the Commonwealth's allocable share of payments it would be required to make under the master settlement agreement, or, if not sooner released, 25 years after they were deposited. Failure to make the required escrow deposits shall be subject to civil penalties, and on a second violation shall be barred from selling cigarettes in the Commonwealth. The Department of Taxation is required to promulgate regulations necessary to ascertain the amount of excise tax paid on the cigarettes of tobacco product manufacturers.
SUMMARY AS INTRODUCED:
Tobacco Master Settlement Agreement. Requires any tobacco product manufacturer selling cigarettes after July 1, 1999, who does not participate in the Master Settlement Agreement between the Commonwealth and certain tobacco product manufacturers, to make deposits into a qualified escrow fund. The amount required to be placed in escrow is determined by multiplying the number of units (cigarettes or their equivalent) sold in a year by an amount that increases from $.0094241 in 1999 to $.0188482 in 2007 and thereafter, as adjusted for inflation. Funds may be withdrawn from escrow to pay judgments or settlements on certain claims, if the amount deposited exceeds the Commonwealth's allocable share of payments it would be required to make under the master settlement agreement, or, if not sooner released, 25 years after they were deposited. Failure to make the required escrow deposits shall be subject to civil penalties, and on a second violation shall be barred from selling cigarettes in the Commonwealth. The Department of Taxation is required to promulgate regulations necessary to ascertain the amount of excise tax paid on the cigarettes of tobacco product manufacturers.