Tobacco Equalization Act of 1985

Summary

Tobacco Equalization Act of 1985 - Title I: Adjustment of Tobacco Price Support Program - Amends the Agricultural Act of 1949 to exempt the 1985 and subsequent tobacco crops from the No Net Cost Tobacco Fund (Fund) and No Net Cost Tobacco Account (Account) contribution provisions. Directs the Secretary of Agriculture, with respect to the 1985 and subsequent tobacco crops, to make price supports available to producers through loans to associations. Provides for the transfer of such Fund and Account balances through the Commodity Credit Corporation to the Tobacco Equalization Trust Fund, as created by this Act. Title II: Additional Tax on Cigarettes - Amends the Internal Revenue Code to: (1) establish in the Treasury the Tobacco Equalization Trust Fund; and (2) impose an additional excise tax on cigarettes to finance such Fund and support program.

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1 official file

• Introduced in Senate

  summary · EN · 23 May 1985

  Open at official source

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