1. Short title
This Act may be cited as the “Distillery Excise Tax Reform Act of 2014”.
Distillery Excise Tax Reform Act of 2014
A BILL
To amend the Internal Revenue Code of 1986 to reduce the rate of tax regarding the taxation of distilled spirits.
2. Reduced rate of tax on certain distilled spirits
In general— Section 5001 of the Internal Revenue Code of 1986 (relating to imposition, rate, and attachment of tax on distilled spirits) is amended by redesignating subsection (c) as subsection (d) and by inserting after subsection (b) the following new subsection:
“(c) Reduced rate—In the case of a distilled spirits producer, the otherwise applicable tax rate under subsection (a)(1) on the first 100,000 of proof gallons of distilled spirits produced by such producer during the calendar year in the United States shall be $2.70 per proof gallon.”
Conforming amendment— Section 7652(f)(2) of the Internal Revenue Code of 1986 is amended by striking “section 5001(a)” and inserting “sections 5001(a)(1) and 5001(c)(1)”.
Effective date— The amendments made by this section shall apply to distilled spirits produced in calendar years beginning after December 31, 2014.