Summary: S.450 — 114th Congress (2015-2016)All Information (Except Text)

There is one summary for S.450. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (02/11/2015)

Tobacco Tax Equity Act of 2015

Amends the Internal Revenue Code, with respect to the excise tax on tobacco products, to tax pipe tobacco, smokeless tobacco products, and large cigars at the same level as cigarettes. Revises the definition of "tobacco products," for purposes of such tax, to include any other product determined to be a tobacco product by the Food and Drug Administration. Makes smokeless tobacco products sold in discrete single-use units subject to an excise tax of $50.33 per thousand. Provides for an inflation adjustment in calendar years beginning after 2015 to the dollar amounts of tobacco products subject to the excise tax.