Maryland Reaches Agreement on $63 Billion Budget, with New Taxes on Tobacco and Vapes

Regulations by 2FIRSTS.ai

Apr.08.2024

Maryland Reaches Agreement on $63 Billion Budget, with New Taxes on Tobacco and Vapes

Maryland Legislature reaches agreement on $630 billion budget, with new taxes on tobacco and e-cigarettes to fund education.

According to a report from TheBayNet on April 6th, the Maryland state legislature has reached a consensus on a budget exceeding $63 billion.

After several days of meetings and debates, the finance leaders of both chambers of the state agreed on several budget items, one of which involves tobacco products and e-cigarettes. The price of each pack of cigarettes will increase by $1.25, and the sales tax on e-cigarettes will also rise from 12% to 20%. In addition, a value-added tax on tobacco products other than cigars will increase from 53% to 60%, with this tax revenue earmarked for education spending.

Although the financial leaders of both houses have different plans for addressing the transportation and education costs in the state, the agreement they have reached will avoid significant tax increases.

References:

[1] Maryland Budget Deal Reached

Also Read:

[1] Maryland Begins Sales of Recreational Marijuana

[2] Maryland Passes Bill to Regulate E-cigarette Tax, Debate on Flavor Bans Continues

#North America #United States #Traditional tobacco #Legislation

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