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AGED Spirits Act

USA116th CongressS-2251| Senate 
| Updated: 7/24/2019
Mitch McConnell

Mitch McConnell

Republican Senator

Kentucky

Cosponsors (1)
Rand Paul (Republican)

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Timeline
Jul 24, 2019
Introduced in Senate
Jul 24, 2019
Read twice and referred to the Committee on Finance. (text: CR S5064)
Sep 11, 2019

Latest Companion Bill Action

HR 116-4284
Introduced in House
  • July 24, 2019
    Introduced in Senate


  • July 24, 2019
    Read twice and referred to the Committee on Finance. (text: CR S5064)


  • September 11, 2019

    Latest Companion Bill Action

    HR 116-4284
    Introduced in House

Taxation

Related Bills

  • HR 116-4284: AGED Spirits Act
Alcoholic beveragesBusiness investment and capitalIncome tax deductionsInterest, dividends, interest rates

AGED Spirits Act

USA116th CongressS-2251| Senate 
| Updated: 7/24/2019
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jul 24, 2019
Introduced in Senate
Jul 24, 2019
Read twice and referred to the Committee on Finance. (text: CR S5064)
Sep 11, 2019

Latest Companion Bill Action

HR 116-4284
Introduced in House
  • July 24, 2019
    Introduced in Senate


  • July 24, 2019
    Read twice and referred to the Committee on Finance. (text: CR S5064)


  • September 11, 2019

    Latest Companion Bill Action

    HR 116-4284
    Introduced in House
Mitch McConnell

Mitch McConnell

Republican Senator

Kentucky

Cosponsors (1)
Rand Paul (Republican)

Finance Committee

Taxation

Related Bills

  • HR 116-4284: AGED Spirits Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Alcoholic beveragesBusiness investment and capitalIncome tax deductionsInterest, dividends, interest rates