Regards bad debts for cigarette, tobacco and vapor products taxes

HB 66 allows wholesale dealers and distributors of cigarettes, tobacco, and vapor products to request refunds for state taxes paid on inventory that becomes uncollectible. To qualify for a refund, the business must prove the debt was uncollected for at least six months, that the products were delivered, and that reasonable collection efforts were made. The bill sets a three-year limit for filing these claims and requires the tax commissioner to verify documentation before issuing refunds from the state's tax refund fund. Additionally, the legislation clarifies that if a bad debt is later paid off, the business must repay the prorated portion of the tax refund it previously received.