To amend section 5701 (a) (2) of the Internal Revenue Code of 1954 so as to change the bracket tax on cigars to an ad valorem tax.

Adjusts the tax rate on large cigars to 8-1/2 percent of the wholesale price but not more than $20.00 per thousand. Defines the wholesale price of cigars. Provides that the business records that must be maintained by the manufacturer of tobacco products or cigarette papers and importers and exporters of such products shall be available for inspection by any internal revenue officer during business hours.