Post by Logan on May 7, 2017 5:44:38 GMT -6
Colorado Governor Hickenlooper uses rare veto to strike tax break for tobacco
Gov. John Hickenlooper used his veto pen for the first time this session to strike a bill Friday that renewed a current tax break for tobacco retailers.
The legislation allowed Colorado companies to claim a refund of the state’s 40 percent excise tax on tobacco when it made out-of-state sales of cigars and other tobacco products except cigarettes.
The tobacco sellers argued they needed the tax break to level the playing field for online sales and prevent double taxation because retailers pay tax in the state where the products are sold.
But the Democratic governor said in the veto letter that he is “unpersuaded that this credit created any significant economic impact.”
Read more: www.denverpost.com/2017/04/28/governor-hickenlooper-vetoes-tobacco-tax-break/
Gov. John Hickenlooper used his veto pen for the first time this session to strike a bill Friday that renewed a current tax break for tobacco retailers.
The legislation allowed Colorado companies to claim a refund of the state’s 40 percent excise tax on tobacco when it made out-of-state sales of cigars and other tobacco products except cigarettes.
The tobacco sellers argued they needed the tax break to level the playing field for online sales and prevent double taxation because retailers pay tax in the state where the products are sold.
But the Democratic governor said in the veto letter that he is “unpersuaded that this credit created any significant economic impact.”
Read more: www.denverpost.com/2017/04/28/governor-hickenlooper-vetoes-tobacco-tax-break/