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.
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.
Referred to the House Committee on Ways and Means.
Introduced in Senate
Read twice and referred to the Committee on Finance. (text: CR S5064)
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