US SB236 | 2017-2018 | 115th Congress

Status

Spectrum: Bipartisan Bill
Status: Introduced on January 30 2017 - 25% progression, died in committee
Action: 2017-01-30 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Craft Beverage Modernization and Tax Reform Act of 2017 This bill amends the Internal Revenue Code, with respect to the tax treatment of certain alcoholic beverages, to: exclude the aging period from the production period for beer, wine, or distilled spirits for purposes of determining whether a taxpayer can expense, rather than capitalize, interest costs paid or incurred during the production period; reduce excise tax rates on beer and distilled spirits; modify the small wine producer tax credit to increase the amount of the credit, expand the producers that are covered, and specify an adjustment for hard cider; modify the alcohol content limitations that apply to certain wines for tax purposes; specify definitions for "mead" and "low alcohol by volume wine;" modify requirements for records, statements, and returns for certain breweries; and permit the transfer of beer between bonded facilities without payment of tax. The Department of the Treasury must amend applicable regulations with respect to the use of wholesome products suitable for human consumption in the production of fermented beverages.

Tracking Information

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Title

Craft Beverage Modernization and Tax Reform Act of 2017

Sponsors


History

DateChamberAction
2017-01-30SenateRead twice and referred to the Committee on Finance.

Same As/Similar To

HB747 (Same As) 2017-01-30 - Referred to the House Committee on Ways and Means.

Subjects


US Congress State Sources


Bill Comments 750

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