All Information (Except Text) for S.362 - Craft Beverage Modernization and Tax Reform Act of 2019116th Congress (2019-2020) |
|Sponsor:||Sen. Wyden, Ron [D-OR] (Introduced 02/06/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 02/06/2019 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
There is 1 version of this bill. View text
Click the check-box to add or remove the section, click the text link to scroll to that section.
Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Actions Overview (1)
|02/06/2019||Introduced in Senate|
02/06/2019 Introduced in Senate
All Actions (1)
|02/06/2019||Read twice and referred to the Committee on Finance.|
Action By: Senate
02/06/2019 Read twice and referred to the Committee on Finance.
|Committee / Subcommittee||Date||Activity||Reports|
|Senate Finance||02/06/2019||Referred to|
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
Latest Summary (1)
Introduced in Senate (02/06/2019)
Craft Beverage Modernization and Tax Reform Act of 2019
This bill modifies 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;
- permit the transfer of beer between bonded facilities without payment of tax;
- increase the amount of the small wine producer tax credit and expand the categories of producers covered by such credit;
- allow an adjustment to the producer credit for hard cider; and
- modify the alcohol content limitations that apply to certain wines for tax purposes.
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.
The bill also increases funding for the Alcohol and Tobacco Tax and Trade Bureau.