Bill No. 31-0023 - An Act amending title 33 Virgin Islands Code, chapter 3 relating to excise taxes on cigarettes and chapter 111 establishing “The Virgin Islands Sin Tax Fund”
Master Settlement Agreement
The Master Settlement Agreement (MSA) is an accord reached in November 1998 between the state Attorneys General of forty-six states, five U.S. territories, the District of Columbia and the five largest tobacco companies in America concerning the advertising, marketing and promotion of tobacco products. In addition to requiring the tobacco industry to pay the settling states approximately $10 billion annually for the indefinite future, the MSA also set standards for, and imposed restrictions on, the sale and marketing of cigarettes by participating cigarette manufacturers.
Bureau of Economic Research Analysis
Bill No. 31-0023 was passed out of the Committee on Finance with the condition that a full analysis of the implementation of an increased tax on cigarettes be completed by the Bureau of Economic Research.