SB 1134 Creates a stamp tax on controlled substances
LR Number:2462S.05I Fiscal Note:2462-05
Committee:Civil and Criminal Jurisprudence
Last Action:02/27/02 - Hearing Conducted S Civil & Criminal Jurisprudence Journal page:
Effective Date:August 28, 2002
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Current Bill Summary

SB 1134 - This act requires all controlled substances present in the state to have tax stamps affixed. The Director of the Department of Revenue shall issue these stamps. The person purchasing the stamps may do so anonymously. The value of the stamp that must be affixed varies among the type and form of the controlled substance.

Neither the Director of Revenue may reveal any information gathered in the assessment process, nor may that information be used in a criminal proceeding.

Anyone in possession of a controlled substance that does not have a stamp affixed will be subject to an assessment and applicable penalties and statutory interest. Failure to pay an assessment may result in seizure and sale of property by the Department of Revenue.

Half of all revenue gained from the tax stamps will be deposited in general revenue, with one-half of that amount to be appropriated to fund the foundation formula. The other half of the revenue raised through assessment and delinquent taxes will be sent to the law enforcement agencies that participated in the investigation.