United States Virginia change
Sri Lanka Breaking News
Sri Lanka parliament
vivalankaSri Lanka newsSri Lanka businessSri Lanka sportsSri Lanka technologySri Lanka travelSri Lanka videosSri Lanka eventssinhala newstamil newsSri Lanka business directory
vivalanka advertising
Stay Connected
Popular Searches
T20 World Cup
Sponsored Links
Sri Lanka Explorer

Sanford will veto cigarette tax hike

May 11, 2010 1:32:00 PM - thestate.com
Gov. Mark Sanford said Tuesday he will veto the General Assembly-passed cigarette tax increase.

Sanford said signing the legislation into law would amount to a $1.3 billion tax increase, the largest in a generation.

"The numbers are irrefutable -- we are going to veto the bill," Sanford said at a crowded midday press conference in his office.

With state revenue in a serious decline, the Legislature approved a 50 cent increase this year, which would have raised the tax -- the lowest in the nation, to 57 cents.

The state faces a $1.2 billion shortfall next year, and lawmakers see the cigarette tax increase as a revenue generator.