Bubble Tax Modernization Act of 2024

[AI summary unavailable — showing source text] [Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [S. 5442 Introduced in Senate (IS)] <DOC> 118th CONGRESS 2d Session S. 5442 To amend the Internal Revenue Code of 1986 to remove the differentiation between mead and low alcohol by volume wine for purposes of the tax imposed on wines. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES December 5, 2024 Mr. Schumer introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to remove the differentiation between mead and low alcohol by volume wine for purposes of the tax imposed on wines. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Bubble Tax Modernization Act of 2024''. SEC. 2. REMOVING DIFFERENTIATION BETWEEN MEAD AND LOW ALCOHOL BY VOLUME WINE. (a) In General.--Section 5041(h) of the Internal Revenue Code of 1986 is amended to read as follows: ``(h) Low Alcohol by Vol…