This Fact Sheet was written by Economics for Health. The fact sheet estimates the effect of proposed New York Senate Bill S4527-B (Assembly Bill A4619-B), which would replace the state's current 20%-of-retail vapor products tax with a $0.32-per-milliliter charge on prefilled, sealed products and an 8%-of-wholesale charge on all other products, as well as establish a product directory enforcing the state's existing flavor restrictions. Specifically, the researchers assess the proposal's effect on state revenue using New York's own published tax collections and retail point-of-sale data. The findings show that the new rates would reduce annual vapor products tax revenue by approximately half, from about $19 million today to an estimated $7 to 10 million a year, and that an industry estimate describing the bill as roughly revenue-neutral (about $24 million) rests on two specific, verifiable errors. The underlying data sources and assumptions are documented in full in the fact sheet.