On page 29, after line 12, insert the following:
NEW SECTION. Sec. 501. A new section is added to chapter
82.24 RCW to read as follows:
(1) In addition to the tax imposed upon the sale, use, consumption, handling, possession, or distribution of cigarettes set forth in RCW
82.24.020 and
82.24.026, there is imposed a tax in an amount equal to $0.10 per cigarette.
(2) Beginning December 2028, and every three years thereafter, the department shall adjust the amount of the tax under this section by multiplying the current amount by one plus the percentage by which the most current consumer price index available on December 1st of the current year exceeds the consumer price index for the prior 36-month period. If an adjustment under this subsection (2) would reduce the applicable amounts, the department may not adjust the applicable amounts for use in the following year. The department shall publish the adjusted applicable amounts on its public website by December 31st. The adjusted applicable amounts calculated under this subsection (2) take effect for taxes due in January of the calendar year that is two years after the year of the calculation.
(3) The revenue collected under this section must be deposited as follows:
(a) The first $10,000,000 per fiscal year must be deposited in the youth tobacco and vapor products prevention account created in RCW
70.155.120; and
(b) The remainder must be deposited into the general fund.
(4) For purposes of this section, "consumer price index" means the consumer price index for all urban consumers, all items, for the Seattle area as calculated by the United States bureau of labor statistics or its successor agency."