SB 0417 Requires non-participating tobacco manufacturers to deposit funds into escrow account
LR Number:S0860.03I Fiscal Note:0860-03
Committee:Pensions and General Laws
Last Action:05/14/99 - S Inf Calendar S Bills for Perfection Journal page:
Effective Date:August 28, 1999
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Current Bill Summary

SB 417 - This act is intended to neutralize any cost disadvantage that the participating tobacco manufacturers experience by requiring non-participating manufacturers to deposit moneys into an escrow account, based on sales of units in the state. Participating manufacturers are those who have agreed to the Master Settlement Agreement with the state. The funds can be withdrawn either due to judgments on released claims, overpayment of funds, or after 25 years have expired, in which case they revert to the manufacturers who deposited the funds.