[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 1179 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                S. 1179

 To exempt the aging process of distilled spirits from the production 
        period for purposes of capitalization of interest costs.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 4, 2015

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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Advancing Growth in the Economy 
through Distilled Spirits Act'' or the ``AGED Spirits Act''.

SEC. 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.
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