Minnesota Cigarette Tax Hike 01 Jul 13

Cigarettes are much more costly in Minnesota beginning today (MON). A new tax has now kicked that includes a $1.60 increase per-pack of cigarettes. The extra charge brings the total tax to $2.83 per-pack. It’s part of a state budget fix, but was also hailed by public health experts as a way to discourage smoking. The increase will reportedly help over 36,000 current smokers in Minnesota quit. Minnesota now has the nation’s 6th highest tax on cigarettes. As part of the tax conversion, retailers must take inventory on packs already in stores. By mid-July they must report their counts to the state and pay a 1-time floor stock tax by early September. Floor tax proceeds have been earmarked to pay down the debt on the new Minnesota Vikings stadium.