New York Codes, Rules and Regulations
Title 20 - DEPARTMENT OF TAXATION AND FINANCE
Chapter I - Franchise and Certain Business Taxes
Subchapter I - Cigarette Tax, Cigarette Marketing Standards And Tobacco Products Tax
Article 1 - Cigarette Tax
Part 79 - Miscellaneous Provisions
Section 79.3 - Tax due on inventory based on increased cigarette tax
Current through Register Vol. 46, No. 12, March 20, 2024
Tax Law, §§ 471 and 475
(a) Effective June 3, 2008, amendments made by part RR-1 of chapter 57 of the Laws of 2008 to section 471 of article 20 of the Tax Law increased the tax on cigarettes possessed in New York State by any person for sale from $1.50 to $2.75 for each 20 cigarettes or fraction thereof. Provided, however, if a package of cigarettes contains more than 20 cigarettes, the rate of tax on those cigarettes in excess of 20 increased from 371/2 cents to 68¾ cents for each five cigarettes or fraction thereof.
(b) Every dealer of cigarettes, including agents licensed to purchase and affix stamps, shall take a physical inventory of all cigarettes possessed in this State as of the close of business on June 2, 2008. In addition, every dealer who is a licensed agent shall take a physical inventory of all unaffixed cigarette tax stamps possessed as of the close of business on such date. Because it may be impossible to take a physical inventory of cigarettes in all vending machines that are on location throughout the State, a dealer may take as many physical inventories of the contents of such machines as is possible with available personnel. For those machines that cannot be physically inventoried as of the close of business on June 2, 2008, cigarettes may be accounted for at one-half of the normal fill capacities of such machines, as reflected in the individual inventory records maintained for such machines.
(c) Returns and payments.
(d)