The House Ways and Means Committee is set to consider a bill Wednesday that would impose the first federal tax on vaping products.
Roll Call reports: “The bipartisan bill, from New York Reps. Tom Suozzi, a Democrat, and Republican Peter T. King, would tax ‘any nicotine which has been extracted, concentrated or synthesized’ at the same rate cigarettes are currently taxed, or the equivalent of $50.33 per 1,810 milligrams of nicotine.”
“We must address this public health crisis now rather than waiting years to do so, as we did with cigarettes,” Suozzi said in a statement.
The tax would raise $9.9 billion in revenue over 10 years, according to the Joint Committee on Taxation. That money would be used to offset the cost of other legislation before the Ways and Means Committee Wednesday, which would require certain high-deductible health plans to cover the cost of inhalers used to treat chronic lung diseases and to allow people to use health savings accounts to buy over-the-counter medications and menstrual-care products.
The vaping measure would exempt products that the secretary of Health and Human Services certifies have been approved by the Food and Drug Administration for use as nicotine replacement therapy.