Albany to Raise Taxes on Cigarettes
Gov. David Paterson announced over the weekend that he plans to raise cigarette tax statewide. The proposal will be included in his next budget-extending legislation.
The new tax is slated to place $1.60 tax on the cost of a pack of cigarettes, raising it from $2.75 to $4.35—higher than the previous proposal to add $1 per pack. The taxes are projected to raise $290 million in extra revenue to help close a budget gap of $9.2 billion, reported Business Week.
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