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 aging process of distilled spirits from the production period for purposes of capitalization of interest costs.
Sec. 2 Production period of distilled spirits
by redesignating paragraph (4) as paragraph (5), and
by inserting after paragraph (3) the following new paragraph:
“(4) Exemption for aging process of distilled spirits—For purposes of this subsection, the production period shall not include the aging period for distilled spirits (as described in section 5002(a)(8)), except such spirits that are unfit for use for beverage purposes.”
Conforming amendment— Paragraph (5)(B)(ii) of section 263A(f) of the Internal Revenue Code of 1986, as redesignated by this section, is amended by inserting “except as provided in paragraph (4),” before “ending on the date”.
Effective date— The amendments made by this section shall apply to interest costs paid or incurred in taxable years beginning on or after the date of the enactment of this Act.