Summary

                            To amend the Internal Revenue Code of 1986 to reform taxation of alcoholic beverages.

Introduced in House
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.



                        

Actions

  • Referred to the House Committee on Ways and Means.

    Jan 30th, 2017
  • Introduced in House

    Jan 30th, 2017
  • Introduced in House

    Jan 30th, 2017