Source: JF19
According to a report by The Free Press, the state of Florida may receive lower-than-expected revenue from the tobacco industry due to a decrease in the number of smokers and a decrease in the amount of tobacco consumed by remaining smokers.
In 1998, the largest tobacco company in the United States settled a lawsuit brought by state attorneys general over the costs of treating sick smokers. The tobacco industry agreed to pay billions of dollars over the course of more than 20 years, with the payment amount based on the quantity of cigarettes sold.
According to a report released on August 5th, economists are predicting that Florida will receive $412.1 million in settlement funds by the end of the year, which is lower than the previously estimated $413.8 million.
The report indicates that cigarette sales are predicted to decline by 2.5% annually over the next decade.
Previously, the projected decline was expected to be between 1.44% to 1.75%. The report also stated that payments made by tobacco manufacturers were $1.7 million less than expected for the recently completed 2021-2022 fiscal year.
During the state revenue estimation conference, economists also revised their projections for future payments over the next few years.
It was previously projected that the revenue for the 2023-2024 fiscal year would be $442.5 million, but now it is estimated that the state will obtain $417.9 million through a settlement during this period.
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