Sec. 332. Removal of bond requirements and extending filing periods for certain taxpayers with limited excise tax liability
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/bill/114/hr/2029/eah/section-332·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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(4)of section 5061(d) of the Internal Revenue Code of 1986 is amended— in subparagraph (A)— by striking In the case of and inserting the following: Except as provided in clause (ii), in the case of , by striking under bond for deferred payment , and by adding at the end the following new clause: In the case of any taxpayer who reasonably expects to be liable for not more than $1,000 in taxes imposed with respect to distilled spirits, wines, and beer under subparts A, C, and D and section 7652 for the calendar year and who was liable for not more than $1,000 in such taxes in the preceding calendar year, the last day for the payment of tax on withdrawals, removals, and entries (and articles brought into the United States from Puerto Rico) shall be the 14th day after the last day of the calendar year. , and in subparagraph (B)— by striking Subparagraph
(A)and inserting the following: Subparagraph (A)(i) , and by adding at the end the following new clause: Subparagraph (A)(ii) shall not apply to any taxpayer for any portion of the calendar year following the first date on which the aggregate amount of tax due under subparts A, C, and D and section 7652 from such taxpayer during such calendar year exceeds $1,000, and any tax under such subparts which has not been paid on such date shall be due on the 14th day after the last day of the calendar quarter in which such date occurs. . Section 5551 of such Code is amended— in subsection (a), by striking No individual and inserting Except as provided under subsection (d), no individual , and by adding at the end the following new subsection: During any period to which subparagraph
(A)of section 5061(d)(4) applies to a taxpayer (determined after application of subparagraph
(B)thereof), such taxpayer shall not be required to furnish any bond covering operations or withdrawals of distilled spirits or wines for nonindustrial use or of beer. Any taxpayer for any period described in paragraph
(1)shall be treated as if sufficient bond has been furnished for purposes of covering operations and withdrawals of distilled spirits or wines for nonindustrial use or of beer for purposes of any requirements relating to bonds under this chapter. . Section 5173(a) of such Code is amended— in paragraph (1), by striking No person and inserting Except as provided under section 5551(d), no person , and in paragraph (2), by striking No distilled spirits and inserting Except as provided under section 5551(d), no distilled spirits . Section 5351 of such Code is amended— by striking Any person and inserting the following: Any person , by inserting , except as provided under section 5551(d), before file bond , by striking Such premises shall and all that follows through the period, and by adding at the end the following new subsection: For purposes of this chapter— The term bonded wine cellar means any premises described in subsection (a), including any such premises established by a taxpayer described in section 5551(d). At the discretion of the Secretary, any bonded wine cellar that engages in production operations may be designated as a bonded winery . . Section 5401 of such Code is amended by adding at the end the following new subsection: Subsection
(b)shall not apply to any taxpayer for any period described in section 5551(d). . The amendments made by this section shall apply to any calendar quarters beginning more than 1 year after the date of the enactment of this Act.