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Senate Bill 429
115th Congress(2017-2018)
AGED Spirits Act
Introduced
Introduced
Introduced in Senate on Feb 16, 2017
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Introduced in Senate 
Feb 16, 2017
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Introduced in Senate(Feb 16, 2017)
Feb 16, 2017
Not Scanned for Linkage
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Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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S. 429 (Introduced-in-Senate)


115th CONGRESS
1st Session
S. 429


To exempt the aging process of distilled spirits from the production period for purposes of capitalization of interest costs.

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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Advancing Growth in the Economy through Distilled Spirits Act” or the “AGED Spirits Act”.

SEC. 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.