Senate Bill 236
115th Congress(2017-2018)
Craft Beverage Modernization and Tax Reform Act of 2017
Introduced
Introduced in Senate on Jan 30, 2017
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
236
Congress
115
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.
Ron Wyden
grade
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No Senate votes have been held for this bill.
Summary
Craft Beverage Modernization and Tax Reform Act of 2017
This bill amends the Internal Revenue Code, with respect to the tax treatment of certain alcoholic beverages, to:
- exclude the aging period from the production period for beer, wine, or distilled spirits for purposes of determining whether a taxpayer can expense, rather than capitalize, interest costs paid or incurred during the production period;
- reduce excise tax rates on beer and distilled spirits;
- modify the small wine producer tax credit to increase the amount of the credit, expand the producers that are covered, and specify an adjustment for hard cider;
- modify the alcohol content limitations that apply to certain wines for tax purposes;
- specify definitions for "mead" and "low alcohol by volume wine;"
- modify requirements for records, statements, and returns for certain breweries; and
- permit the transfer of beer between bonded facilities without payment of tax.
The Department of the Treasury must amend applicable regulations with respect to the use of wholesome products suitable for human consumption in the production of fermented beverages.
January 30, 2017
01/30/2017
Read twice and referred to the Committee on Finance.
01/30/2017
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:35:20 PM