S. 2251 — Introduced in Senate

II 116th CONGRESS 1st Session S. 2251 IN THE SENATE OF THE UNITED STATES July 24, 2019Mr. McConnell (for himself and Mr. Paul) introduced the following bill; which was read twice and referred to the Committee on Finance 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. 1. Short title This Act may be cited as the Advancing Growth in the Economy through Distilled Spirits Act or the AGED Spirits Act. 2. Production period of distilled spirits (a) 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. . (b) Effective date The amendment made by this section shall apply to interest costs paid or accrued after December 31, 2019.