A Bipartisan Tax Bill? I’ll Drink to That!

There hasn’t been much bipartisanship on Capitol Hill recently. But there is a piece of legislation that is being proposed by both Democrats and Republicans. It’s to end age discrimination against bourbon and whiskey.

You didn’t know that there was such discrimination? Well, it’s not at the liquor store; rather, it’s in the Tax Code. One of the fundamentals of accounting is to match expenses against revenue. The problem for bourbon and whiskey is that it must age, so the expenses must wait until the product is sold. As this article from the Louisville Courier-Journal notes, a bipartisan group of Kentucky and Tennessee Congressmen would like to change that. They would like bourbon and whiskey producers to be able to take their expenses as incurred.

We’ll have to wait and see if this measure gains any traction in Congress. If it does, bourbon producers will certainly be drinking up for the success.

This entry was posted on Wednesday, February 11th, 2015 at 7:14 pm and is filed under Kentucky, Legislation, Tennessee. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

2 Responses to “A Bipartisan Tax Bill? I’ll Drink to That!”

  1. Tax Roundup, 2/12/15: The Federal $21 billion thief subsidy; the Iowa $37 million corporation subsidy. « Roth & Company, P.C says:
    February 12, 2015 at 6:24 am

    […] Fox, A Bipartisan Tax Bill? I’ll Drink to That! “It’s to end age discrimination against bourbon and […]

  2. Elizabeth Jones says:
    February 20, 2015 at 1:35 pm

    If this bill passes, it will be wonderful for all those whiskey producers (not to mention my favorite, Jack Daniels). Some of the best products age for many years. Changing the recognition of expenses for long-fermentation items will probably result in better quality for everyone as it will take away the incentive to rush products to market if the company needs the money.