Wednesday, October 5, 2022

You might want to take note of these new state tax laws

(WYDaily file/Courtesy of Unsplash)
(WYDaily file/Courtesy of Unsplash)

A number of new state and local tax laws go into effect starting July 1.

They include changes to taxes on tobacco products, as well as the retail sales and use tax in one locality – the General Assembly tackled these during the 2019 and 2020 sessions.

Here are some of the coming changes:

Cigarette and tobacco products tax increase: Beginning July 1, the tax rate doubles for cigarettes and other tobacco products currently subject to the tax. The tax on a pack of cigarettes increases from 30 cents to 60 cents per pack.

Liquid nicotine subject to tobacco products tax: The new tax rate for liquid nicotine products is 6.6 cents per milliliter on sales or purchases on or after July 1.

Retail sales and use tax exemption for gun safes: As of July 1, gun safes with a selling price of $1,500 or less per item are exempt from the retail sales and use tax.

This exemption includes a gun safe or vault that is:

  • Commercially available;
  • Secured with a digital or dial combination locking mechanism or biometric locking mechanism; and
  • Designed for the storage of a firearm or for ammunition.

Glass-faced cabinets are not eligible for this exemption.

Here’s a complete list of the new 2020 state and local tax laws.

John Mangalonzohttp://wydaily.com
John Mangalonzo (john@localdailymedia.com) is the managing editor of Local Voice Media’s Virginia papers – WYDaily (Williamsburg), Southside Daily (Virginia Beach) and HNNDaily (Hampton-Newport News). Before coming to Local Voice, John was the senior content editor of The Bellingham Herald, a McClatchy newspaper in Washington state. Previously, he served as city editor/content strategist for USA Today Network newsrooms in St. George and Cedar City, Utah. John started his professional journalism career shortly after graduating from Lyceum of The Philippines University in 1990. As a rookie reporter for a national newspaper in Manila that year, John was assigned to cover four of the most dangerous cities in Metro Manila. Later that year, John was transferred to cover the Philippine National Police and Armed Forces of the Philippines. He spent the latter part of 1990 to early 1992 embedded with troopers in the southern Philippines as they fought with communist rebels and Muslim extremists. His U.S. journalism career includes reporting and editing stints for newspapers and other media outlets in New York City, California, Texas, Iowa, Utah, Colorado and Washington state.

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