A bill to amend the Internal Revenue Code of 1986 to increase the excise taxes on wine and beer.

Summary

Amends the Internal Revenue Code to increase excise taxes as follows: (1) from 17 cents to 51 cents per gallon on wines containing not more than 14 percent alcohol; (2) from 67 cents to $2.01 per gallon on wines containing between 14 percent and 21 percent alcohol; and (3) from $9 to $27 per barrel on beer, with a reduced rate of $21 per barrel ($7 under current law) for certain domestic production. Imposes a floor stocks tax on wine and beer on which tax was imposed before the effective date of the increase and which is held on such date for sale by any person. Sets the amount of such inventory tax to equal the amount of the excise tax increase. Applies the floor stocks tax to certain goods held in foreign trade zones.

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Documents

1 official file

• Introduced in House

  summary · EN · 9 April 1987

  Open at official source

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