04RS HB624


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HB 624 (BR 480) - J. Higdon

     AN ACT relating to taxation of cigarettes and declaring an emergency.
     Create a new section of KRS Chapter 142 to impose a tax on wholesalers of cigarettes at a rate of 8.8% of the gross receipts from the wholesale sale of cartons of cigarettes in Kentucky; impose a floor stock tax on retailers of cigarettes in their possession at 12:01 on July 1, 2004; define terms and set forth provisions for the administration and payment of the tax; amend KRS 139.470 to exempt from the sales and use tax gross receipts from the sale of cigarettes on or after July 1, 2004; provide that the Act takes effect July 1, 2004; declare an emergency.

     Feb 27-introduced in House
     Mar 1-to Appropriations and Revenue (H)

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