Summary: S.598 — 104th Congress (1995-1996)All Information (Except Text)

There is one summary for S.598. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (03/22/1995)

Tobacco Consumption Reduction and Health Improvement Act of 1995 - Amends the Internal Revenue Code to increase the excise tax on: (1) cigars; (2) cigarettes; (3) cigarette papers and tubes; (4) snuff; and (5) chewing and pipe tobacco. Imposes a tax on the floor stocks of such tobacco products which are removed before January 1, 1996. Makes an exception to the imposition of such tax for floor stocks of such products held on such date at the place intended to be sold at retail. Imposes such tax on such products entered into the United States from foreign trade zones before such date. Imposes a tax on roll-your-own tobacco manufactured in or imported into the United States.

Establishes in the Treasury the Tobacco Conversion Trust Fund, to which the Secretary of the Treasury shall transfer an amount equivalent to three percent of the net increase in revenues attributable to the tax increases imposed by this Act. Makes Fund amounts available for expenditures for providing: (1) assistance to farmers for conversion from tobacco growing (including Government purchase of tobacco allotments) and improving their access to markets for other crops; and (2) grants and loans to communities and persons involved in tobacco growing and tobacco product manufacture to support economic diversification plans.