HR 747
115th Congress
House
Taxation
Administrative law and regulatory procedures
Alcoholic beverages
Business investment and capital
Business records
Competition and antitrust
Corporate finance and management
Department of the Treasury
Executive agency funding and structure
Food supply, safety, and labeling
Fruit and vegetables
Income tax deductions
Licensing and registrations
Sales and excise taxes
Tax administration and collection, taxpayers
Craft Beverage Modernization and Tax Reform Act of 2017
Introduced: January 30, 2017
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 30, 2017
Referred to the House Committee on Ways and Means.
Jan 30, 2017
Introduced in House
Plain-English summary
Craft Beverage Modernization and Tax Reform Act of 2017
This bill amends the Internal Revenue Code, with respect to the tax treatment of certain alcoholic beverages, to:
- exclude the aging period from the production period for beer, wine, or distilled spirits for purposes of determining whether a taxpayer can expense, rather than capitalize, interest costs paid or incurred during the production period;
- reduce excise tax rates on beer and distilled spirits;
- modify the small wine producer tax credit to increase the amount of the credit, expand the producers that are covered, and specify an adjustment for hard cider;
- modify the alcohol content limitations that apply to certain wines for tax purposes;
- specify definitions for "mead" and "low alcohol by volume wine;"
- modify requirements for records, statements, and returns for certain breweries; and
- permit the transfer of beer between bonded facilities without payment of tax.
The Department of the Treasury must amend applicable regulations with respect to the use of wholesome products suitable for human consumption in the production of fermented beverages.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1