Wine Excise Tax Modernization Act of 2016
This bill amends the Internal Revenue Code to modify excise taxes and tax credits that apply to wine.
The bill expands the small wine producer tax credit to include anyone who produces wine in or imports wine into the United States. It also sets forth: (1) rates for the credit based on the amount of wine which is removed during the year for consumption or sale, and (2) adjustments to the credit for hard cider.
The bill increases: (1) the percentage of alcohol by volume limitation for taxation of a still wine, and (2) the carbonation limitation for taxation as still wine.
It reduces the excise tax rates on: (1) champagne and other sparkling wines, and (2) artificially carbonated wines.
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