[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 998 Introduced in Senate (IS)]

110th CONGRESS
  1st Session
                                 S. 998

    To exempt the natural aging process in the determination of the 
   production period for distilled spirits under section 263A of the 
                     Internal Revenue Code of 1986.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 27, 2007

  Mr. Bunning introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
    To exempt the natural aging process in the determination of the 
   production period for distilled spirits under section 263A of the 
                     Internal Revenue Code of 1986.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EXEMPTION OF NATURAL AGING PROCESS IN DETERMINATION OF 
              PRODUCTION PERIOD FOR DISTILLED SPIRITS UNDER SECTION 
              263A.

    (a) In General.--Section 263A(f) of the Internal Revenue Code of 
1986 (relating to general exceptions) is amended by adding at the end 
the following new paragraph:
            ``(5) Exemption of natural aging process in determination 
        of production period for distilled spirits.--For purposes of 
        this subsection, the production period for distilled spirits 
        shall be determined without regard to any period allocated to 
        the natural aging process.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to production periods beginning after the date of the enactment of this 
Act.
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