MS HB1478

Increases excise tax on cigarettes from 3.4 cents to 8.4 cents per cigarette (maximum length of 120 millimeters) effective July 1, 2018.

Maintains 15% excise tax on other tobacco products (cigars, snuff, chewing tobacco, smoking tobacco) based on manufacturer's list price.

Brings forward Section 27-70-5 regarding tobacco equity tax of $0.0135 per cigarette on cigarettes from non-settling manufacturers, with annual increases of 3% or the Consumer Price Index increase (whichever is greater).

Exempts cigarettes manufactured by parties to the tobacco settlement agreement from the tobacco equity tax.

Directs all tobacco equity tax revenue to be deposited into the State General Fund.