A bill to preserve the existing tax status of wine used in the production of distilled spirits.

Summary

Amends the Internal Revenue Code to allow a credit against the excise tax on domestic or imported distilled spirits, wines, and beer for each proof gallon of the wine content of distilled spirits containing wine. Sets the amount of such credit at the excess of $10.50 over the rate of the additional tax on such wine which would be imposed but for its removal to bonded premises. Specifies the points in time for determining allowance of such credit for domestic and for imported distilled spirits containing wine. Excludes from such credit: (1) any substance which has been subject to distillation at a distilled spirits plant after receipt in bond; and (2) wine containing more than 24 percent of alcohol by volume.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 19 October 1979

  Open at official source

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