(a)  A floor tax is imposed on the inventory of stamped packages of cigarettes held for sale in this state at 12:01 A.M. on April 10, 2009. The floor tax will apply to the stamped cigarette inventory of distributors. In addition, the floor tax will apply to any unaffixed tax stamps in the possession of a distributor or dealer at 12:01 A.M. on April 10, 2009 that had been issued prior to that date. The inventory necessary to account for the floor tax must be taken as of the close of business on April 9, 2009.

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(b)  The floor tax shall be computed in the same manner as the prepayment of sales tax on cigarettes as set forth in subsection 44-19-10.1(a); provided, that credit shall be allowed for any sales tax paid on said cigarettes or unaffixed tax stamps prior to April 10, 2009.

History of Section.
P.L. 2005, ch. 117, art. 16, § 7; P.L. 2009, ch. 5, art. 9, § 5.