S 1179 114th Congress Senate

AGED Spirits Act

Official title: A bill to exempt the aging process of distilled spirits from the production period for purposes of capitalization of interest costs.

Introduced: May 4, 2015 Introduced by: McConnell, Mitch Republican · Kentucky See on congress.gov

Taxation Alcoholic beveragesBusiness investment and capitalIncome tax deductionsInterest, dividends, interest rates

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

May 4, 2015

Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2600-2601; text of measure as introduced: CR S2601)

May 4, 2015

Introduced in Senate

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Latest action May 4, 2015

Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2600-2601; text of measure as introduced: CR S2601)

Plain-English summary Congressional Research Service

Advancing Growth in the Economy through Distilled Spirits Act or the AGED Spirits Act

Amends the Internal Revenue Code to exclude the aging period from the production period for distilled spirits for purposes of determining whether a taxpayer can expense, rather than capitalize, interest costs paid or incurred during the production period.

Bill text 1 version