The Bubble Tax Modernization Act of 2024 amends federal tax law to change how mead and low-alcohol wine are taxed. Specifically, the bill removes the tax distinction between these two types of beverages by redefining low-alcohol wine for tax purposes to include products with no more than 0.64 grams of carbon dioxide per hundred milliliters and less than 8.5 percent alcohol by volume. This change affects mead producers and low-alcohol wine makers, who may see their tax classifications adjusted. The bill takes effect for wines removed from production facilities after December 31, 2024. No new spending or appropriations are mentioned in the legislation.