HI SB2066

Adds a new excise tax on tobacco products (other than large cigars) equal to a percentage of wholesale price, effective January 1, 2015, with the specific tax rate left blank in the bill text.

Establishes an automatic escalation mechanism whereby the new tobacco products tax rate will increase by the same percentage as any future increases to the per-cigarette/little cigar excise tax rate beginning January 1, 2015.

Maintains existing excise taxes including 16.00 cents per cigarette or little cigar (as of July 1, 2011), 70 percent of wholesale price for other tobacco products, and 50 percent of wholesale price for large cigars.

Allows for refunds or credits of taxes paid on cigarettes, little cigars, or tobacco products that become subject to casualty loss deductions under state tax law.

Takes effect July 1, 2014.