TAX/EXCISE: Increases the rate of excise tax on consumable hemp products (OR +$3,600,000 SD RV See Note)

HB 187 reduces the excise tax rate on consumable hemp products from 15% to 7%, directly affecting businesses that manufacture or sell these products. The bill's key provision lowers the tax rate, with the bill's revenue note estimating this change will generate approximately $3.6 million in additional state revenue. This tax adjustment applies specifically to hemp products intended for consumption, such as edibles or vape products, and is currently pending referral to the Ways and Means committee. The change represents a significant reduction in the tax burden for affected businesses.