This is a story pretty near and dear to Kentuckians’ hearts.
Sen. Rand Paul co-sponsored legislation from his fellow Sen. Mitch McConnell, that would alter the way Kentucky bourbon producers are taxed. Janet Patton of Kentucky.com explains.
“U.S. Sen. Mitch McConnell, R-Louisville, on Friday announced that he has filed tax legislation to let Kentucky bourbon producers deduct interest while whiskey ages.
Co-sponsored by Sen. Rand Paul, R-Bowling Green, the Aged Distilled Spirits Competitiveness Act also has been filed in the House by Rep. Andy Barr, R-Lexington…
Currently, bourbon producers must wait until after the lengthy aging process – generally four to eight years, although sometimes as long as 23 years – before deducting expenses related to creating inventory, rather than deducting in the year the expenses were incurred.”
Maybe it’s not a topic that will generate fervent national discussion like say gun rights, protection of the fourth amendment, or foreign policy. But Patton quotes Mark Brown, president and CEO of Buffalo Trace Distillery, as saying the change will help companies like his put money back into the company and create jobs.
Congressman Andy Barr introduced similar legislation in the House this summer. Barr represents Kentucky’s 6th District. His proposal would also allow distilleries to exempt the aging process from standard tax inventory rules. Said Barr:
“’I am confident that with the right trade, tax, and regulatory policies, Kentucky’s bourbon distilling, bottling and tourism industry is poised to enter a new era of growth and job creation for the people of this Commonwealth.’”
Kentucky is, of course, known for its bourbon (really the only way this story could be more ‘Kentucky’ is if it somehow involved the Derby as well), so a change like this should go over well in the Bluegrass State.
Paul and McConnell have done their part to try to represent their constituents, that’s for sure.
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