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H.R. 1126 - Aged Distilled Spirits Competitiveness Act
Sponsor: Andy Barr (R)
Introduced: 2017-02-16
Bill Status: Referred to the House Committee on Ways and Means.
 

Aged Distilled Spirits Competitiveness Act

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.

Full Text


115th CONGRESS
1st Session
H. R. 1126


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


IN THE HOUSE OF REPRESENTATIVES

February 16, 2017

    Mr. Barr (for himself, Mr. Guthrie, Mr. Comer, Mr. Massie, and Mr. Rogers of Kentucky) introduced the following bill; which was referred to the Committee on Ways and Means


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 “Aged Distilled Spirits Competitiveness 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 beginning on or after the date of the enactment of this Act.


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