Extension of Bonding Period on Distilled Spirits: Hearings Before the Committee on Ways and Means, House of Representatives, Eighty-third Congress, First Session, on H. R. 1215, a Bill to Amend Section 2879 (b) of the Internal Revenue Code. March 31 and April 1, 1953U.S. Government Printing Office, 1953 - 178 lappuses Considers legislation to extend from 8 to 12 years the time in which distilled spirits could be kept in U.S. bonding warehouse before the payment of Federal excise tax. |
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8-year bonded period 8-year period alcohol aldehydes American whisky average barrels blended whisky bond extension bonded warehouses bonded whisky bottled in bond bottling bourbon bourbon whisky brandy bulk whiskies BYRNES Canada Canadian whisky CARR CHAIRMAN characteristics companies Congress consumer consumption cooperage CURTIS of Missouri distilled spirits distilleries Distillers Corp distilling industry EBERHARTER effect esters excise tax extend the bonding favor FERNBACH Flashman FORAND force-out forced FORMAN furfural fusel oil gentlemen Government grams per 100 grape growers Hiram Walker increase Internal Revenue inventories JENKINS Kentucky liters at 100 maturing McCLURE Means Committee older whiskies opponents opposed pay the tax percent present president problem production proof gallon question relief represent rye whisky Saylor bill Schenley SCHWENGEL Seagram sell SIMPSON small distillers sold storage straight whisky STREET tannins tion total acids whisky in bond wholesalers winery withdrawals
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19. lappuse - In compliance with clause 3 of rule XIII of the Rules of the House of Representatives, changes in existing law made by the bill as reported, are shown as follows (existing law proposed to be omitted is enclosed' in black brackets, new matter is printed in italics, existing law in which no change is proposed is shown in roman...
19. lappuse - It would impose upon the Government the burden of safeguarding the whisky in the interest of revenue protection for a longer period, but this would not appreciably increase the expense of supervising warehouse operations. The Treasury Department does not object to the enactment of the bill.
24. lappuse - ... that substance known as ethyl alcohol hydrated oxide of ethyl, or spirit of wine, which is commonly produced by the fermentation of grain, starch, molasses, or sugar, including all dilutions and mixtures of this substance ; and the tax shall attach to this substance as soon as it is in existence as such...
163. lappuse - The third point to which I wish to direct your attention is that of the potential effect on Federal revenue of HR 1215.
3. lappuse - ... metal or other fire-proof roof, to be contiguous to such distillery; and such warehouse, when approved by the collector, is hereby declared a bonded warehouse of the United States, and shall be used only for storing distilled spirits, and to be under the custody of the collector or his deputy. And the duty on the spirits stored in such warehouse shall be paid when and as it is sold or removed from such warehouse for sale. SEC. 45. And be it further enacted, That every person who, on the first...
69. lappuse - ... the intent of Government purchase of the entire crop if necessary or advisable. He has also organized a Government wheat corporation to handle the wheat business of the Food Administration. With the Government Food Administration under full headway on an announced policy of reducing the cost of food to the people of the United States, while at the same time conserving the supply and insuring a surplus for shipment to our Allies in Europe, there has been a reorganization and consolidation of some...
31. lappuse - The failure to extend the bonding period could force out whisky and lead to greater consumption as a result of distress sales or more intensive sales promotion. The immediate effect would be an increase in excise tax receipts. However, the reaction on the corporate income tax would be unfavorable. On balance, it does not appear that there would be a significant change in total tax collections as a result of the enactment of HR 1215. In this respect, the Treasury Department has no objection to passage...
19. lappuse - The tax on all distilled spirits hereafter entered for deposit in internal revenue bonded warehouses shall be due and payable before and at the time the same are withdrawn therefrom and within eight years from the date of the original entry for deposit therein; and warehousing bonds hereafter taken under the provisions of the internal revenue laws shall be conditioned for the payment of the tax on the spirits as specified in the entry before withdrawal from the internal revenue bonded warehouse,...