Tobacco Tax Equity Act of 2023

The Tobacco Tax Equity Act of 2023 increases excise taxes on various tobacco products to create more consistent tax rates across different types of tobacco. It raises the tax on roll-your-own tobacco from $24.78 to $49.56 per pound, pipe tobacco from $2.83 to $49.56, and establishes new rates for smokeless tobacco products. The bill also introduces a new tax on nicotine for vaping products and includes annual inflation adjustments for tobacco tax rates. These changes will primarily affect tobacco manufacturers, importers, and retailers who must pay the new tax rates on products sold after the effective date.