AGED Spirits Act

Advancing Growth in the Economy through Distilled Spirits Act or the AGED Spirits Act

This bill 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.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4284 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 4284

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 HOUSE OF REPRESENTATIVES

                           September 11, 2019

Mr. Yarmuth (for himself, Mr. Barr, Mr. Guthrie, Mr. Comer, Mr. Rogers 
 of Kentucky, and Mr. Massie) introduced the following bill; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                                 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.
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