UNOFFICIAL COPY 23 RS HB 447/GA
Page 1 of 1
HB044710.100 - 1696 - XXXX 3/13/2023 5:15 PM GA
AN ACT relating to appropriations. 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) A floor guarantee is established beginning July 1, 2025, and every fiscal year 9
thereafter that each district board of education shall receive at least the same 10
amount of ad valorem tax revenues from distilled spirits stored or aging in barrels 11
located in a bonded warehouse or premises as the board of education received in 12
fiscal year 2022-2023. In any fiscal year where a district board of education's tax 13
revenues fail to meet the floor guarantee, the district board of education shall be 14
appropriated the funds necessary to satisfy the floor guarantee. The amount 15
needed to satisfy the floor guarantee shall be paid from the budget reserve trust 16
fund account under KRS 48.705. 17
(3) If any owner, proprietor, or custodian of a bonded warehouse or premises fails to 18
make the report required by KRS 132.130, the department shall ascertain the 19
necessary facts required to be reported. For that purpose the department shall have 20
access to the records of the owner, proprietor, or custodian; and the assessment 21
shall be made and taxes collected thereon, with interest and penalties, as though 22
regularly reported. 23
(4)[(3)] The assessment made under (1) of this section shall be reviewed according to 24
KRS 131.110. 25