[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 2251 Introduced in Senate (IS)]

<DOC>






116th CONGRESS
  1st Session
                                S. 2251

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 24, 2019

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 permanently extend the exemption for 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.--Subparagraph (B) of section 263A(f)(4) of the 
Internal Revenue Code of 1986 is amended to read as follows:
                    ``(B) Termination.--Clauses (i) and (ii) of 
                subparagraph (A) shall not apply to interest costs paid 
                or accrued after December 31, 2019.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to interest costs paid or accrued after December 31, 2019.
                                 <all>