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excise tax |
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Excise tax Federal or state tax placed on the sale or manufacture of a commodity, typically a luxury item e.g., alcohol.
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| With the publication of final regulations on excise tax reporting, effective January 1, 2010, employers who sponsor group health plans now will be required to report and pay excise taxes for failing to satisfy certain federal group health plan mandates, unless timely corrected. The government last week decided to raise the excise tax on alcohol, starting Jan. Until now, only biofuels were exempt from excise tax and not blended fuels. |
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