Bill > S904

This bill, the Craft Beverage Bond Simplification Act of 2015, aims to simplify tax compliance for small craft beverage producers by removing certain bond requirements and extending filing periods for those with limited excise tax liability. Specifically, it amends the Internal Revenue Code of 1986 to allow taxpayers who reasonably expect to owe $1,000 or less in excise taxes on distilled spirits, wines, and beer in a calendar year, and who also owed $1,000 or less in the previous year, to have their tax payments due on the 14th day after the end of the calendar year, rather than more frequently. For those who exceed the $1,000 tax threshold during the year, any unpaid tax becomes due on the 14th day after the end of the quarter in which the threshold is exceeded. Crucially, these small producers will no longer be required to furnish bonds to cover their operations or withdrawals of these beverages, and will be treated as if they have met bond requirements for other related purposes, thereby reducing administrative burdens and costs for smaller businesses in the craft beverage industry.