Customs Modernization and Informed Compliance Act

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to prohibit an operator of a licensed cotton warehouse who uses the accrual method of accounting from being required to accrue any amounts to be received for processing or storing cotton at such warehouse until such amounts are actually received. Provides that, if any deferred amount is received during a taxable year, then the tax liability of the taxpayer shall be increased by an interest charge with respect to such deferred amount. Requires the interest charges to be taken into account in computing the amount of any deduction allowable for interest paid or accrued.…