Proposal:AGED Spirits Act

This proposal is archived and closed to further debate. It was introduced in the 116th Congress, which has concluded, and the bill was not enacted into law.

Bill	S 2251
Type of Legislation	Senate Bill
Congress	116
Source	View original on Congress.gov

Geographic Scope

National

Description

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.

Bill Title

AGED Spirits Act

Linked Goals

• Goal:Promote General Welfare

Steps

• 2019-07-24: Read twice and referred to the Committee on Finance. (text: CR S5064)
• 2019-07-24: Introduced in Senate

Projected Outcome

A more informed proposal or public response aligned with the Promote General Welfare goal.