§ 44-20-12.7. Floor stock tax on cigarettes and stamps.
(a) Each person engaging in the business of selling cigarettes at retail in this state
shall pay a tax or excise to the state for the privilege of engaging in that business
during any part of the calendar year 2024. In calendar year 2024, the tax shall be
measured by the number of cigarettes held by the person in this state at 12:01 a.m.
on September 1, 2024, and is computed at the rate of twelve and one-half (12.5) mills
for each cigarette on September 1, 2024.
(b) Each distributor licensed to do business in this state pursuant to this chapter shall
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§ 44-20-12.7. Floor stock tax on cigarettes and stamps.
(a) Each person engaging in the business of selling cigarettes at retail in this state
shall pay a tax or excise to the state for the privilege of engaging in that business
during any part of the calendar year 2024. In calendar year 2024, the tax shall be
measured by the number of cigarettes held by the person in this state at 12:01 a.m.
on September 1, 2024, and is computed at the rate of twelve and one-half (12.5) mills
for each cigarette on September 1, 2024.
(b) Each distributor licensed to do business in this state pursuant to this chapter shall
pay a tax or excise to the state for the privilege of engaging in that business during
any part of the calendar year 2024. The tax is measured by the number of stamps, whether
affixed or to be affixed to packages of cigarettes, as required by § 44-20-28. In calendar year 2024 the tax is measured by the number of stamps, whether affixed
or to be affixed, held by the distributor at 12:01 a.m. on September 1, 2024, and
is computed at the rate of twelve and one-half (12.5) mills per cigarette in the package
to which the stamps are affixed or to be affixed.
(c) Each person subject to the payment of the tax imposed by this section shall, on or
before September 16, 2024, file a return, under oath or certified under the penalties
of perjury, with the tax administrator on forms furnished by the tax administrator,
showing the amount of cigarettes and the number of stamps in that person's possession
in this state at 12:01 a.m. on September 1, 2024, as described in this section above,
and the amount of tax due, and shall at the time of filing the return pay the tax
to the tax administrator. Failure to obtain forms shall not be an excuse for the failure
to make a return containing the information required by the tax administrator.
(d) The tax administrator may prescribe rules and regulations, not inconsistent with law,
regarding the assessment and collection of the tax imposed by this section.