1. Short title
This Act may be cited as the “Advancing Growth in the Economy through Distilled Spirits Act” or the “AGED Spirits Act”.
Advancing Growth in the Economy through Distilled Spirits Act
A BILL
To permanently extend the exemption for the aging process of distilled spirits from the production period for purposes of capitalization of interest costs.
2. Production period of distilled spirits
In general— Subparagraph (B) of section 263A(f)(4) of the Internal Revenue Code of 1986 is amended to read as follows:
“(B) Termination—Clauses (i) and (ii) of subparagraph (A) shall not apply to interest costs paid or accrued after December 31, 2019.”
Effective date— The amendment made by this section shall apply to interest costs paid or accrued after December 31, 2019.