Department of Revenue releases cigarette floor stock tax collection report
The Minnesota Department of Revenue released collection figures for the one-time cigarette floor stock tax that contributes to Minnesota’s share of the new Vikings stadium financing. Of the $30,460,945 reported to the department from cigarette retailers and distributors, $30,459,653 has been collected by the department so far in September. By law, $26.5 million of this will be available for Vikings stadium financing. The remaining $3.96 million will go to the state’s general fund along with the revenue from the increased cigarette and tobacco taxes that went into effect on July 1, 2013.
“The collection figure released today ensures that the state has the revenue to cover its portion of the Vikings stadium financing.” said Revenue Commissioner Myron Frans. “This one-time revenue is the only portion of the cigarette and tobacco tax that will go to finance the Vikings stadium.”
In May, Governor Dayton and the legislature passed two new sources of financing for the Vikings stadium. The one-time cigarette floor stock revenues and tax revenues from closing the corporate income tax loophole that existed for unitary sales tax reporting will together provide long-term financing for the Vikings stadium.
Click here to view the cigarette floor stock collection report.