This bill proposes an increase in the cigarette tax rate in New Jersey from $2.70 to $3.00 per pack, which corresponds to a change from $0.135 to $0.15 per cigarette. The new tax rate is set to take effect on August 1, 2025. The legislation aims to implement a recommendation from the Governor's Fiscal Year 2026 Budget, which includes a $0.30 increase in the cigarette tax per pack.

Additionally, the bill outlines new requirements for licensed retail dealers, distributors, and wholesale dealers regarding the filing of tax returns. These entities must report the number of cigarettes in their possession as of the effective date of the new law and pay the corresponding tax at that time. The bill emphasizes that failure to obtain the necessary forms will not excuse any failure to comply with these reporting requirements.

Statutes affected:
Introduced: 54:40A-8