Corbin rakes in nearly $45,000 in alcohol tax revenue for July

Alcoholic beverage sales in Corbin generated almost $45,000 in revenue for the city in July.

According to figures released Friday by Corbin Alcoholic Beverage Control Officer Bruce Rains, the 12 stores selling packaged beer paid $37,890.44 in taxes while the nine restaurants paid $7,091.59 in taxes for a total of $44,982.03.

At a 4 percent tax rate, packaged beer sales amounted to $947,261. With the 7 percent tax rate on alcohol sales at restaurants, the restaurants grossed $101,308.42 in by-the-drink alcohol sales.

"Everything has gone smoothly," Rains said of business owners paying the taxes on time as required in the ordinance.
In the two months since packaged sales began in Corbin, the city has taken in $60,326.08.

One new store, Speedy Mart at the intersection of U.S. 25E and the Corbin Bypass, has been granted a license to sell packaged beer, bringing the number of stores selling beer to 13.

The city has lost one of the restaurants that sell alcohol by the drink when Sherry’s Tomato Grill on the Falls Hwy. closed its doors.

Construction on the three packaged liquor stores continues. Each of those stores will pay a 5 percent sales tax to the city.

Corbin Mayor Willard McBurney said previously that the tax revenue from alcohol sales will be used on infrastructure improvements with a priority on the repair of sidewalks throughout the city.

In the 2012-13 budget, officials estimated the city would receive $400,000 in revenue from alcohol.

McBurney said any additional revenue will go into the general fund where it will be directed toward additional sidewalk projects.