Illinois Governor Signs Law Amending Cigarette, Tobacco Excise Tax Laws

The Illinois Governor signed a law amending the Cigarette Tax Act, Cigarette Use Tax Act, Tobacco Products Tax Act of 1995, and Cannabis Regulation and Tax Act. The law includes, under the Tobacco Products Tax Act of 1995, providing that the Department of Revenue (DOR) will discharge any surety and will release and return any bond provided to it by a distributor within 90 days after: 1) the taxpayer becomes a prior continuous compliance taxpayer; or 2) the taxpayer has ceased to collect receipts requiring remittance of the tax under the Act to the DOR, has filed a final tax ...