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Floor-stock tax on tobacco products owned by permitted wholesaler.

(a) There is hereby imposed a floor-stock tax on tobacco products owned by any permitted wholesaler as of the effective date of any tax increase regarding any tobacco products enumerated in Sections 40-25-2 and 40-25-2.1.

(b) For the purpose of tax revaluation, at the close of business on the day before the effective date of the tobacco tax rate increase, each permitted wholesaler shall take a physical inventory of tax-paid tobacco products, stamped cigarettes and unaffixed revenue stamps currently owned which are affected by the tax increase.  Each person subject to the tax increase shall:

(1) File a report on forms prescribed by the Department of Revenue, setting forth the additional tax due for each product type and stamp subject to the increase;  and

(2) Pay the additional tax imposed under Sections 40-25-2 and 40-25-2.1, along with the above report, to the Department of Revenue no later than 30 days following the effective date of the tax increase.

Any permitted wholesaler owning tobacco products and revenue stamps as of the effective date of the tax increase shall be liable for the tax, and it shall be paid in the manner prescribed by the Department of Revenue.

(c) Notwithstanding any other provision of this chapter, revenue from the additional tax in subsection (a) imposed by Act 2015-535 shall be deposited into the State General Fund for the Medicaid Program.

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