CHAPTER 319

FORMERLY HOUSE BILL

NO. 550

AN ACT TO INCREASE THE AMOUNT OF TAX ON THE FLOOR STOCKS AND INVENTORIES OF SPIRITS AS SUCH FLOOR STOCKS AND INVENTORIES WERE ON AUGUST 15, 1971.

WHEREAS, by House Bill 512 as amended (58 Delaware) Laws, Chapter 294), the 126th General Assembly increased the rate of taxation on spirits; and

WHEREAS, said increase did not apply to the floor stock on hand in liquor stores on the effective date of the increase; and

WHEREAS, licensed liquor sellers have, at the suggestion of the Alcoholic Beverage Control Commission, held in escrow the amount of the increment in tax on the said floor stock equal to the additional amount which would be due and owing had House Bill 512 imposed such an increase in the tax on the said floor stock;

NOW, THEREFORE,

Be it enacted by the General Assembly of the State of Delaware:

Section 1. There is imposed a tax on the floor stock and inventory, as such floor stock and inventory was on August 15, 1971, of spirits as defined in 4 Delaware Code, § 101, of any person, or entity licensed on that date to sell alcoholic beverages. Such floor stock tax shall be an amount equal to the difference between the amount of tax already paid on such floor stock and the increased amount of tax specified in House Bill 512 of the 126th General Assembly as amended (58 Delaware Laws, Chapter 294), and shall become due and payable on the date of enactment of this Act.

Section 2. This Act shall not apply to stock and inventory of opened containers held for sale for consumption on the premises.

Approved October 22, 1971.