Kentucky Senators Introduce Bill to Cement Tax Provision That Would Benefit Bourbon Makers
Just the other day, we posted a blog entitled Florida Distillers Go to Capitol Hill to Urge Support for Craft Beverage Modernization and Tax Reform Act. Apparently, representatives from other states have been addressing their concerns as well. As reported in The Hill, Kentucky’s two senators, Mitch McConnell and, Rand Paul introduced a bill to benefit bourbon makers. Specifically, the bill seeks to make permanent the ability to deduct interest expenses related to inventory which benefits alcohol makers whose products take time to age, such as bourbon. This is only one of tax relief benefits in President Trump’s Tax Cut and Jobs Act set to expire at the end of the year. We will keep you updated as the legislative process develops.