113 S1457 IS: Aged Distilled Spirits Competitiveness Act U.S. Senate 2013-08-01 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II 113th CONGRESS 1st Session S. 1457 IN THE SENATE OF THE UNITED STATES August 1, 2013 Mr. McConnell (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 Aged Distilled Spirits Competitiveness 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.