S 2251 116th Congress Senate Taxation Alcoholic beverages Business investment and capital Income tax deductions Interest, dividends, interest rates

AGED Spirits Act

Introduced: July 24, 2019 Introduced by: McConnell, Mitch Republican · Kentucky See on congress.gov

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

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Plain-English summary Congressional Research Service

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 July 24, 2019

Read twice and referred to the Committee on Finance. (text: CR S5064)

Related & companion bills 1

Bill text 1 version