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bill Progress


  • Not enacted
    The President has not signed this bill
  • The house has not voted
  • The senate has not voted
      senate Committees
      Senate Committee on Finance
    IntroducedAugust 1st, 2013

What is it?

 This bill would allow bourbon producers  to exempt bourbon's “aging process” from normal inventory rules so that it qualifies as a business inventory expense. Currently, bourbon producers have to wait until after the aging process to claim the tax deduction; that is, the sweet, sweet bourbon must be ready to be poured down consumers' throats before the exemption kicks in. This would allow bourbon producers to deduct up-front, while the bourbon is in the process of aging. The bill also allows for write-offs of "indirect costs  that are allocable to the production during the aging process

Impact

This bill impacts tax deductions for U.S. bourbon producers.

Cost

A fine bourbon is priceless.

AKA

Aged Distilled Spirits Competitiveness Act

Official Title

A bill to exempt the aging process of distilled spirits from the production period for purposes of capitalization of interest costs.