MS HB699

Increases the tobacco equity tax on cigarettes from the previous amount to two and one-half cents ($0.025) per cigarette, equivalent to fifty cents per pack of twenty cigarettes.

Eliminates the annual automatic tax increase that was previously set at the greater of three percent or the percentage increase in the Consumer Price Index.

Revenue collected from the tax is deposited into the State General Fund.

Exempts cigarettes manufactured by any manufacturer that is a party to the tobacco settlement agreement from the tobacco equity tax.

Takes effect July 1, 2012.