A bill to amend the Internal Revenue Code of 1986 to increase to 32 cents per pack the Federal excise tax on cigarettes and to provide that the revenues from such tax shall be divided among the general fund, the Federal Hospital Insurance Trust Fund under the Social Security Act, and research on tobacco-related diseases.

Summary

Amends the Internal Revenue Code to increase the excise tax on cigarettes from: (1) $8 to $16 per thousand for small cigarettes; and (2) $16.80 to $33.60 per thousand for large cigarettes. Imposes a floor stocks tax on small and large cigarettes manufactured in or imported into the United States that are removed before the effective date of the excise tax increase and are held on such date for sale by any person. Sets the amount of such tax to equal the amount of the excise tax increase for the respective cigarette types. Appropriates one-fourth of the revenue raised by such excise taxes to the Federal Hospital Insurance Trust Fund (Medicare). Establishes in the Treasury the Tobacco-Related Disease Research Trust Fund, to be available for the funding of research by the National Institutes of Health. Appropriates to such Trust Fund one-fourth of the revenue raised by such excise taxes.

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1 official file

• Introduced in House

  summary · EN · 21 April 1987

  Open at official source

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