Altria seeks review of taxes for ‘modified risk’ products
RICHMOND, Va. (AP) — Altria is asking its home state of Virginia to rethink the way it taxes tobacco products, especially those that federal regulators say would pose fewer health risks than cigarettes.
The Richmond Times-Dispatch reports that Sen. Emmett Hanger has proposed an amendment to the state budget that would direct a legislative subcommittee to study the state’s current system of taxing tobacco and to consider preferential treatment for new “modified risk” products.
Altria has approached legislative leaders about potential tax treatment of a new “heat not burn” technology it would market and distribute in the U.S. for former subsidiary Philip Morris International, if the FDA approves pending applications.
House Appropriations Chairman Chris Jones said more review is needed before the state makes any changes to its policies on taxing tobacco.
Information from: Richmond Times-Dispatch, http://www.richmond.com