[Congressional Record Volume 163, Number 28 (Thursday, February 16, 2017)]
[Senate]
[Page S1307]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. McCONNELL (for himself and Mr. Paul):
  S. 429. 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. 429

       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)), 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 ending on or after December 31, 2018.

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