UNOFFICIAL COPY 23 RS BR 1414
Page 1 of 1
XXXX 2/14/2023 10:14 AM Jacketed
AN ACT relating to revenue. 1
Be it enacted by the General Assembly of the Commonwealth of Kentucky: 2
ď˘Section 1. KRS 132.140 is amended to read as follows: 3
(1) The department[ of Revenue] shall fix the value of the distilled spirits for the 4
purpose of taxation, assess the same at its fair cash value, estimated at the price it 5
would bring at a fair voluntary sale, and keep a record of its valuations and 6
assessments. The department shall immediately notify the owner or proprietor of 7
the bonded warehouse or premises of the amount fixed. 8
(2) If any owner, proprietor, or custodian of a bonded warehouse or premises fails to 9
make the report required by KRS 132.130, the department shall ascertain the 10
necessary facts required to be reported. For that purpose the department shall have 11
access to the records of the owner, proprietor, or custodian; and the assessment 12
shall be made and taxes collected thereon, with interest and penalties, as though 13
regularly reported. 14
(3) The assessment made under (1) of this section shall be reviewed according to KRS 15
131.110. 16