What is Senate Bill S. 1457?
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
This bill impacts tax deductions for U.S. bourbon producers.
Cost of Senate Bill S. 1457
A fine bourbon is priceless.