Senate Bill 2251
116th Congress(2019-2020)
AGED Spirits Act
Introduced
Introduced
Introduced in Senate on Jul 24, 2019
Overview
Text
Introduced
Jul 24, 2019
Latest Action
Jul 24, 2019
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2251
Congress
116
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Sponsorship by Party
Kentucky
Kentucky
No Senate votes have been held for this bill.
Summary

Advancing Growth in the Economy through Distilled Spirits Act or the AGED Spirits Act

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.

Text (1)
Actions (2)
07/24/2019
Read twice and referred to the Committee on Finance. (text: CR S5064)
07/24/2019
Introduced in Senate
Public Record
Created
Jul 25, 2019 4:42:15 AM
Updated
Mar 21, 2020 4:44:32 AM