[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1126 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 1126

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


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                    IN THE HOUSE OF REPRESENTATIVES

                           February 16, 2017

  Mr. Barr (for himself, Mr. Guthrie, Mr. Comer, Mr. Massie, and Mr. 
 Rogers of Kentucky) introduced the following bill; which was referred 
                   to the Committee on Ways and Means

_______________________________________________________________________

                                 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 ``Aged Distilled Spirits 
Competitiveness 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)), except such spirits that are 
        unfit for use for beverage purposes.''.
    (b) Conforming Amendment.--Paragraph (5)(B)(ii) of section 263A(f) 
of the Internal Revenue Code of 1986, as redesignated by this section, 
is amended by inserting ``except as provided in paragraph (4),'' before 
``ending on the date''.
    (c) Effective Date.--The amendments made by this section shall 
apply to interest costs paid or incurred in taxable years beginning on 
or after the date of the enactment of this Act.
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