A bill 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.

Amends the Internal Revenue Code to change the excise tax on large cigars to an ad valorem tax based on wholesale price per thousand.

Requires every manufacturer of tobacco products, every importer, and every export warehouse proprietor to maintain records which shall be available for inspection by Internal Revenue officers.

Defines the term "wholesale price" with respect to cigars.