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S. 1179 (114th): AGED Spirits Act

The text of the bill below is as of May 4, 2015 (Introduced).


II

114th CONGRESS

1st Session

S. 1179

IN THE SENATE OF THE UNITED STATES

May 4, 2015

(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.

1.

Short title

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

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)).

.

(b)

Effective date

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.