AGED Spirits Act

Bill: 115-s-429
Sponsor: full_name: Sen. McConnell, Mitch [R-KY]
Introduced: 2017-02-16
Policy area: Taxation
Subjects: Alcoholic beverages

Business investment and capital

Income tax deductions

Interest, dividends, interest rates
Latest action: action_date: 2017-02-16
text: Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1307)

Summaries:
action_date: 2017-02-16
action_desc: Introduced in Senate
text: <p><b>Advancing Growth in the Economy through Distilled Spirits Act or the AGED Spirits Act</b></p> <p>This bill amends the Internal Revenue Code to exclude the aging period from the production period for distilled spirits that are fit to be used as a beverage, for purposes of determining whether a taxpayer can expense, rather than capitalize, interest costs paid or incurred during the production period.</p>

tv_txt: II 115th CONGRESS 1st Session S. 429 IN THE SENATE OF THE UNITED STATES February 16, 2017 Mr. McConnell (for himself and Mr. Paul ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To exempt the aging process of distilled spirits from the production period for purposes of capitalization of interest costs.

1. Short title This Act may be cited as the Advancing Growth in the Economy through Distilled Spirits Act or the AGED Spirits Act . 2. Production period of distilled spirits (a) In general Section 263A(f) of the Internal Revenue Code of 1986 is amended— (1) by redesignating paragraph (4) as paragraph (5), and (2) by inserting after paragraph (3) the following new paragraph: (4) Exemption for aging process of distilled spirits For purposes of this subsection, the production period shall not include the aging period for distilled spirits (as described in section 5002(a)(8)), except such spirits that are unfit for use for beverage purposes. . (b) Conforming amendment Paragraph (5)(B)(ii) of section 263A(f) of the Internal Revenue Code of 1986, as redesignated by this section, is amended by inserting except as provided in paragraph (4), before ending on the date . (c) Effective date The amendments made by this section shall apply to interest costs paid or incurred in taxable years ending on or after December 31, 2018.