[Congressional Record Volume 159, Number 113 (Thursday, August 1, 2013)]
[Senate]
[Page S6229]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. McCONNELL (for himself and Mr. Paul):
  S. 1457. A bill to exempt the aging process of distilled spirits from 
the production period for purposes of capitalization of interest costs; 
to the Committee on Finance.
  Mr. McCONNELL. Mr. President, I ask unanimous consent that the text 
of the bill be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                S. 1457

       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)).''.
       (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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