IN THE SENATE OF THE UNITED STATES
May 4, 2015
Mr. McConnell (for himself and Mr. Paul) introduced the following bill; which was read twice and referred to the Committee on Finance
To exempt the aging process of distilled spirits from the production period for purposes of capitalization of interest costs.
This Act may be cited as the
Advancing Growth in the Economy through Distilled Spirits Act or the
AGED Spirits Act.
Production period of distilled spirits
Section 263A(f) of the Internal Revenue Code of 1986 is amended—
by redesignating paragraph (4) as paragraph (5), and
by inserting after paragraph (3) the following new paragraph:
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)).
The amendments made by this section shall apply to the production of distilled spirits that begins on or after the date of the enactment of this Act.