Indiana Code 24-3-3-12. Tobacco product manufacturers required to become participating manufacturer or place money in qualified escrow fund
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Sec. 12. Any tobacco product manufacturer selling cigarettes to consumers within Indiana (whether directly or through a distributor, retailer, or similar intermediary or intermediaries) after June 30, 1999, shall do one (1) of the following:
(2) Place into a qualified escrow fund by April 15 of the year following the year in question the following amounts (as such amounts are adjusted for inflation):
(1) Become a participating manufacturer (as that term is defined in section II(jj) of the Master Settlement Agreement) and generally perform its financial obligations under the Master Settlement Agreement; or
Terms Used In Indiana Code 24-3-3-12
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Master Settlement Agreement: means the settlement agreement (and related documents) entered into on November 23, 1998, by the state and leading United States tobacco product manufacturers. See Indiana Code 24-3-3-6
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- tobacco product manufacturer: means an entity that after June 30, 1999, directly (and not exclusively through any affiliate):
Indiana Code 24-3-3-10
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(A) 1999, $0.0094241 per unit sold after June 30, 1999.
(B) 2000, $0.0104712 per unit sold.
(C) For each of 2001 and 2002, $0.0136125 per unit sold.
(D) For each of 2003 through 2006, $0.0167539 per unit sold.
(E) For each of 2007 and each year thereafter, $0.0188482 per unit sold.
As added by P.L.223-1999, SEC.1.