S 2251
116th Congress
Senate
Taxation
Alcoholic beverages
Business investment and capital
Income tax deductions
Interest, dividends, interest rates
AGED Spirits Act
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 24, 2019
Read twice and referred to the Committee on Finance. (text: CR S5064)
Jul 24, 2019
Introduced in Senate
Plain-English summary
Advancing Growth in the Economy through Distilled Spirits Act or the AGED Spirits Act
This bill amends the Internal Revenue Code to exclude, after 2019, 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. This allows producers of distilled spirits to deduct interest expense associated with production in the year it is paid.
What's happening now
Read twice and referred to the Committee on Finance. (text: CR S5064)
Committees of jurisdiction
1
Cosponsors
1