All Information (Except Text) for S.236 - Craft Beverage Modernization and Tax Reform Act of 2017115th Congress (2017-2018)
|Sponsor:||Sen. Wyden, Ron [D-OR] (Introduced 01/30/2017)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 01/30/2017 Read twice and referred to the Committee on Finance. (All Actions)|
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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Actions Overview (1)
|01/30/2017||Introduced in Senate|
01/30/2017 Introduced in Senate
All Actions (1)
|01/30/2017||Read twice and referred to the Committee on Finance.|
Action By: Senate
01/30/2017 Read twice and referred to the Committee on Finance.
|Committee / Subcommittee||Date||Activity||Reports|
|Senate Finance||01/30/2017||Referred to|
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
- Administrative law and regulatory procedures
- Alcoholic beverages
- Business investment and capital
- Business records
- Competition and antitrust
- Corporate finance and management
- Department of the Treasury
- Executive agency funding and structure
- Food supply, safety, and labeling
- Fruit and vegetables
- Income tax deductions
- Licensing and registrations
- Sales and excise taxes
- Tax administration and collection, taxpayers
Latest Summary (1)
Introduced in Senate (01/30/2017)
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.