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Key Takeaways An excise tax is similar to a sales tax, but it's levied only on certain products or services. The most common excise taxes are imposed on tobacco, alcohol, and gasoline.The tax is generally payable by the manufacturer.

An excise tax is a tax on sales of a good or service. The excise tax drives a wedge between price payed by consumers and that received by producers leading to a fall in the quantity transacted. It creates inefficiency by distorting incentives and creating missed opportunities.

Excise taxes are commonly levied on cigarettes, alcoholic beverages, soda, gasoline, insurance premiums, amusement activities, and betting, and typically make up a relatively small and volatile portion of state and local and, to a lesser extent, federal tax collections.

Attention: The local REET must be calculated and added to the graduated state rate for the total tax due....Graduated REET Structure. Sale price thresholdsTax rate$500,000 or less1.10%$500,000.01 - $1,500,0001.28%$1,500,000.01 - $3,000,0002.75%$3,000,000.01 or more3%

Excise taxes are taxes paid when purchases are made on a specific good, such as gasoline. Excise taxes are often included in the price of the product. There are also excise taxes on activities, such as on wagering or on highway usage by trucks.

The seller of the property typically pays the real estate excise tax, although the buyer is liable for the tax if it is not paid. Unpaid tax can become a lien on the transferred property. REET also applies to transfers of controlling interest (50% or more) in entities that own real property in the state.

BASIC CONCEPT: Excise Tax is a tax on the production, sale or consumption of a commodity in a country.