Colo. Senate backs sales tax for cigarettes

By: Associated Press Email
By: Associated Press Email

Denver (AP) - The Colorado Senate has passed a measure that would raise the price of cigarettes to help balance the state's budget.

Cigarettes are now subject to state and federal excise taxes amounting to $1.85 a pack but are exempt from state sales tax.

House Bill 1342 would impose sales tax on cigarettes for the next two years.

The Senate passed the bill Monday on a 22-13 vote. It must now go back to the house for consideration of amendments.

The sales tax would raise about $30 million a year.

Lawmakers are also considering another measure that would affect income taxes. The bill would eliminate the deduction for capital gains earned from the sale of Colorado assets. That could bring in an extra $71 million a year.

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