Tobacco taxes.

03LSO-0163.C1

                                                         

FISCAL NOTE (HB0063)

 

 

 

FY 2004

FY 2005

FY 2006

NON-ADMINISTRATIVE IMPACT

 

 

 

Anticipated Revenue Increase:

 

 

 

WYO TOBACCO SETTLE INCOME

990,000

990,000

990,000

 

Source of revenue increase:

 

Increase in the tax on other tobacco products.

 

Assumptions:

 

  1. Assumed a linear relationship between the current taxes collected on other tobacco products and the percentage increase. Inflation is not factored in due to the anticipation of some decline in sales volume.

 

  1. The revenues from this tax increase will be deposited into the Wyoming Tobacco Settlement Trust Fund Income Account and are continuously appropriated to the substance abuse control plan.

 

  1. If there is a substantial reduction in sales volume because of the increase in tax, there will not be a linear gain in revenue and General Fund revenues could be decreased. This potential impact on revenues to the General Fund and the Wyoming Tobacco Settlement Trust Fund Income Account is indeterminable.

 

  1. This bill is effective July 1, 2003.

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepared by:   Dean Temte, LSO    Phone:   777-7881

(information provided by Dan Noble, Dept. of Revenue; phone 777-5220)