Distillery Excise Tax Reform Act of 2015

Bill: 114-s-1444
Sponsor: full_name: Sen. Peters, Gary C. [D-MI]
Introduced: 2015-05-21
Policy area: Taxation
Subjects: Alcoholic beverages

Sales and excise taxes
Latest action: action_date: 2015-05-21
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2015-05-21
action_desc: Introduced in Senate
text: <p><strong>Distillery Excise Tax Reform Act of 2015 </strong></p> <p>Amends the Internal Revenue Code to reduce to $2.70 per proof gallon the excise tax rate on the first 100,000 proof gallons of distilled spirits that are removed in the calendar year and that have been distilled, processed, or bottled by a distilled spirits operation at a qualified facility in the United States. Makes this rate reduction applicable to&nbsp;a specified controlled group of corporations that is a distilled spirits operation. </p>

tv_txt: II 114th CONGRESS 1st Session S. 1444 IN THE SENATE OF THE UNITED STATES May 21, 2015 Mr. Peters (for himself, Mr. Sullivan , and Mrs. Gillibrand ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to reduce the rate of tax regarding the taxation of distilled spirits.

1. Short title This Act may be cited as the Distillery Excise Tax Reform Act of 2015 . 2. Reduced rate of tax on certain distilled spirits (a) In general Section 5001 of the Internal Revenue Code of 1986 is amended by redesignating subsection (c) as subsection (d) and by inserting after subsection (b) the following new subsection: (c) Reduced rate (1) In general In the case of a distilled spirits operation, the otherwise applicable tax rate under subsection (a)(1) on the first 100,000 of proof gallons of distilled spirits which are removed in the calendar year and which have been distilled, processed, or bottled by such operation at a qualified facility in the United States shall be $2.70 per proof gallon. (2) Controlled groups In the case of a controlled group, the 100,000 proof gallon quantity specified in paragraph (1) shall be applied to the controlled group. For purposes of the preceding sentence, the term controlled group shall have the meaning given such term by subsection (a) of section 1563, except that more than 50 percent shall be substituted for at least 80 percent each place it appears in such subsection. Under regulations prescribed by the Secretary, principles similar to the principles of the preceding two sentences shall be applied to a group under common control where one or more of the persons is not a corporation. . (b) Conforming amendment Section 7652(f)(2) of the Internal Revenue Code of 1986 is amended by striking section 5001(a) and inserting subsections (a)(1) and (c)(1) of section 5001 . (c) Effective date The amendments made by this section shall apply to distilled spirits produced in calendar years beginning after December 31, 2015.