Section 1 Short title
This Act may be cited as the “Aged Distilled Spirits Competitiveness Act”.
Aged Distilled Spirits Competitiveness Act
A BILL
To exempt the natural aging process in the determination of the production period for distilled spirits under section 263A of the Internal Revenue Code of 1986.
Sec. 2 Exemption of natural aging process in determination of production period for distilled spirits under section 263A
In general— Section 263A(f) of the Internal Revenue Code of 1986 (relating to general exceptions) is amended by adding at the end the following new paragraph:
“(5) Exemption of natural aging process in determination of production period for distilled spirits—For purposes of this subsection, the production period for distilled spirits shall be determined without regard to any period allocated to the natural aging process.”
Effective date— The amendment made by this section shall apply to production periods beginning after the date of the enactment of this Act.