3.0.0 2251 2022-11-01T13:50:25Z 2022-11-01T13:50:25Z Senate S 2019-07-24 116 ssfi00 Finance Committee Senate Standing Referred to 2019-07-24T17:53:40Z AGED Spirits Act 116 4284 HR 2019-09-11 Referred to the House Committee on Ways and Means. Identical bill CRS 2019-07-24 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text: CR S5064) IntroReferral 2019-07-24 Introduced in Senate IntroReferral 10000 9 Library of Congress M000355 Sen. McConnell, Mitch [R-KY] Mitch McConnell R KY N P000603 Sen. Paul, Rand [R-KY] Rand Paul R KY 2019-07-24 True Taxation Alcoholic beverages Business investment and capital Income tax deductions Interest, dividends, interest rates Taxation 00 2019-07-24 Introduced in Senate 2019-09-19T13:43:13Z 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.

]]> AGED Spirits Act Display Title AGED Spirits Act Short Title(s) as Introduced AGED Spirits Act Introduced in Senate IS Short Title(s) as Introduced Advancing Growth in the Economy through Distilled Spirits Act Introduced in Senate IS Official Title as Introduced A bill to permanently extend the exemption for the aging process of distilled spirits from the production period for purposes of capitalization of interest costs. Introduced in Senate IS Introduced in Senate 2019-07-24T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s2251is/xml/BILLS-116s2251is.xml 2019-07-24 Read twice and referred to the Committee on Finance. (text: CR S5064) 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.