US SB2251 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on July 24 2019 - 25% progression, died in committee
Action: 2019-07-24 - Read twice and referred to the Committee on Finance. (text: CR S5064)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on July 24 2019 - 25% progression, died in committee
Action: 2019-07-24 - Read twice and referred to the Committee on Finance. (text: CR S5064)
Pending: Senate Finance 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
| Sen. Mitch McConnell [R-KY] | Sen. Rand Paul [R-KY] |
History
| Date | Chamber | Action |
|---|---|---|
| 2019-07-24 | Senate | Read twice and referred to the Committee on Finance. (text: CR S5064) |
Same As/Similar To
HB4284 (Same As) 2019-09-11 - Referred to the House Committee on Ways and Means.
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/senate-bill/2251/all-info |
| Text | https://www.congress.gov/116/bills/s2251/BILLS-116s2251is.pdf |
