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.
(COPYRIGHT 2009 BY THE ASSOCIATED PRESS. ALL RIGHTS RESERVED.)


You must be logged in to post comments.

Username:
Password (case sensitive):
Remember Me:
KKCO NBC 11 News
2531 Blichmann Avenue
Grand Junction, CO 81505

Station Phone: 970.243.1111
Business Fax: 970.243.1770
Newsroom Fax: 970.245.3793
News Tip & Contest Line: 970.255.8477
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 44319157 - nbc11news.com/a?a=44319157
Gray Television, Inc.