§ 8-112. Valuation of distilled spirits if counties impose a personal property tax

   (a) Definitions. --

   (1) In this section the following words have the meanings indicated.

   (2) "Fair value" means the lesser of:

      (i) the cost, not reduced by any allowance for inflation; or

      (ii) market value, not reduced by any allowance for inflation.

   (3) "Distiller" includes:

      (i) the owner or proprietor of a bonded or other warehouse where distilled spirits are stored; or

      (ii) a person who has custody of distilled spirits.

(b) County imposition. -- If a county subjects distilled spirits to the personal property tax, on or before March 15 of each year, a distiller shall submit to the Department a report of the fair value of distilled spirits held by the distiller in the county.

(c) Market value. --

   (1) Distilled spirits shall be valued at the fair value of the spirits on January 1 of the year in which the report is made.

   (2) The value of the same distilled spirits may not be reported more than 1 time in any period of 12 months.

(d) Distiller pays. -- The distiller shall pay the property tax on the distilled spirits held by the distiller.

HISTORY: An. Code 1957, art. 81, § 23; 1985, ch. 8, § 2; 1987, ch. 434, § 1.