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Philip Morris USAs Position on Allocable Share Legislation in Virginia
RICHMOND, VA (April 21, 2004) -
Philip Morris USA is disappointed that this important piece of legislation was never addressed for a vote by the entire General Assembly during the regular session nor the subsequent special session.
Without this legislation the integrity of Virginias escrow statute, and the important financial benefits that it brings to the Commonwealth are threatened. Philip Morris USA sincerely hopes that at its earliest opportunity the General Assembly will heed the recommendation of the National Association of Attorneys General and follow the lead of twenty-six other states and enact this important legislation to preserve the Commonwealth's fiscal integrity as reflected through the Commonwealths annual Master Settlement Agreement payments, and protect the interests of Virginia's tobacco growers.
