A bill to amend sections 5701(a)(2) and 5702(m) of the Internal Revenue Code of 1954 to reduce the excise tax rate imposed on large cigars and to modify the base on which such tax is imposed.

Amends the Internal Revenue Code to reduce the excise tax on large cigars for fiscal years 1982 and 1983 and eliminate the tax thereafter. Revises the formula for determination of the wholesale price on which the excise tax is based.