Cigarette Taxes And Prices

CIGARETTE TAXES AND PRICES. INITIATIVE. Repeals Revenue and Taxation Code sections 30001 to 30479 relating to the Cigarette Tax Law. Adds sections 30001 to 30004 to Revenue and Taxation Code. Repeals ten cents per package excise tax on cigarettes, prohibits state or its political subdivisions from imposing tax on manufacture or distribution of cigarettes, sets retail price ceiling of thirty-five cents for cigarettes and $2.75 for cigarettes sold by carton. Violation of price ceiling provisions a misdemeanor. If the proposed initiative is adopted it will not require additional financing from state sources but will result in a revenue loss to state and local governments in the approximate amount of $272,000,000 per year