US HB4284 | 2019-2020 | 116th Congress
Status
Spectrum: Moderate Partisan Bill (Republican 5-1)
Status: Introduced on September 11 2019 - 25% progression, died in committee
Action: 2019-09-11 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on September 11 2019 - 25% progression, died in committee
Action: 2019-09-11 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Amends the Internal Revenue Code to exclude, after 2019, the aging period from the production period for distilled spirits, for purposes of determining whether a taxpayer can expense, rather than capitalize, interest costs paid or incurred during the production period. This allows producers of distilled spirits to deduct interest expense associated with production in the year it is paid.
Title
AGED Spirits Act Advancing Growth in the Economy through Distilled Spirits Act
Sponsors
Rep. John Yarmuth [D-KY] | Rep. Garland Barr [R-KY] | Rep. Brett Guthrie [R-KY] | Rep. James Comer [R-KY] |
Rep. Harold Rogers [R-KY] | Rep. Thomas Massie [R-KY] |
History
Date | Chamber | Action |
---|---|---|
2019-09-11 | House | Referred to the House Committee on Ways and Means. |
2019-09-11 | House | Introduced in House |
Same As/Similar To
SB2251 (Same As) 2019-07-24 - Read twice and referred to the Committee on Finance. (text: CR S5064)
Subjects
Alcoholic beverages
Business investment and capital
Income tax deductions
Interest, dividends, interest rates
Taxation
Business investment and capital
Income tax deductions
Interest, dividends, interest rates
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/house-bill/4284/all-info |
Text | https://www.congress.gov/116/bills/hr4284/BILLS-116hr4284ih.pdf |