Aged Distilled Spirits Competitiveness Act

Bill: 114-hr-867
Sponsor: full_name: Rep. Barr, Andy [R-KY-6]
Introduced: 2015-02-11
Policy area: Taxation
Subjects: Business investment and capital

Food industry and services

Income tax deductions
Latest action: action_date: 2015-02-11
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2015-02-11
action_desc: Introduced in House
text: <p><strong>Aged Distilled Spirits Competitiveness Act</strong></p> <p>Amends the Internal Revenue Code to exclude from determination of the production period for distilled spirits any period allocated to the natural aging process for purposes of determining whether a taxpayer can expense, rather than capitalize, interest costs paid or incurred during the production period.</p>

tv_txt: I 114th CONGRESS 1st Session H. R. 867 IN THE HOUSE OF REPRESENTATIVES February 11, 2015 Mr. Barr (for himself, Mr. Guthrie , Mr. Massie , Mr. Rogers of Kentucky , Mr. Whitfield , Mr. Yarmuth , Mr. Cohen , and Mr. Fincher ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To exempt the natural aging process in the determination of the production period for distilled spirits under section 263A of the Internal Revenue Code of 1986.

1. Short title This Act may be cited as the Aged Distilled Spirits Competitiveness Act . 2. Exemption of natural aging process in determination of production period for distilled spirits under section 263A (a) In general Section 263A(f) of the Internal Revenue Code of 1986 (relating to general exceptions) is amended by adding at the end the following new paragraph: (5) Exemption of natural aging process in determination of production period for distilled spirits For purposes of this subsection, the production period for distilled spirits shall be determined without regard to any period allocated to the natural aging process. . (b) Effective date The amendment made by this section shall apply to production periods beginning after the date of the enactment of this Act.