Provides phased-in increases in cigarette tax rate over four-year period.

This bill increases New Jersey's cigarette tax rate gradually over four years, starting July 1, 2024. The tax will rise from $0.135 per cigarette ($2.70 per pack of 20) to $0.20 per cigarette ($4.00 per pack) by July 1, 2027, with specific annual increases: $3.25, $3.50, $3.75, and $4.00 per pack. It directly affects cigarette manufacturers, distributors, retailers, and consumers through higher prices at the point of sale. The bill also requires businesses to file annual tax returns by September 1 each year, reporting cigarette inventory as of July 1. Existing revenue dedications for smoking cessation programs and hospital subsidies remain unchanged.