AGED Spirits Act

Bill: 116-s-2251
Sponsor: full_name: Sen. McConnell, Mitch [R-KY]
Introduced: 2019-07-24
Policy area: Taxation
Subjects: Alcoholic beverages

Business investment and capital

Income tax deductions

Interest, dividends, interest rates
Latest action: action_date: 2019-07-24
text: Read twice and referred to the Committee on Finance. (text: CR S5064)

Summaries:
action_date: 2019-07-24
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, after 2019, the aging period from the production period for distilled spirits, for purposes of determining whether a taxpayer can expense, rather than capitalize, interest costs paid or incurred during the production period. This allows producers of distilled spirits to deduct interest expense associated with production in the year it is paid.</p>

tv_txt: II 116th CONGRESS 1st Session S. 2251 IN THE SENATE OF THE UNITED STATES July 24, 2019 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 permanently extend the exemption for 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 Subparagraph (B) of section 263A(f)(4) of the Internal Revenue Code of 1986 is amended to read as follows: (B) Termination Clauses (i) and (ii) of subparagraph (A) shall not apply to interest costs paid or accrued after December 31, 2019. . (b) Effective date The amendment made by this section shall apply to interest costs paid or accrued after December 31, 2019.