LOUISVILLE, Ky. (WDRB) -- Kentucky's U.S. Senators want to extend a tax break that helps the bourbon industry.
Senate Majority Leader Mitch McConnell and Senator Rand Paul introduced the AGED Spirits Act on Thursday. The bill would make industry provisions in the 2017 Trump tax cuts permanent.
The cuts allowed bourbon producers to take tax deductions for business interest before the liquor is bottled and sold. Since bourbon takes years to age, bourbon distillers got a big benefit from taking the deductions earlier. But that favorable provision is set to end next year.
The legislation introduced by McConnell and Paul would extend the break permanently.
In a release, McConnell's office said Kentucky produces 95 percent of the world’s bourbon supply and has become an international tourist destination. It said a study shows bourbon contributes $8.6 billion to Kentucky’s economy each year and supports over 20,100 jobs.
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