S 5442
Bubble Tax Modernization Act of 2024
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Bill overview
This bill, the Bubble Tax Modernization Act of 2024, aims to simplify the tax system for wines by eliminating a distinction between mead and low alcohol by volume wine. Currently, these beverages are taxed differently, but this legislation would treat them the same under federal tax law. Specifically, it lowers the alcohol content threshold for ‘low alcohol by volume wine’ to 8.5 percent, effectively merging mead into this category for tax purposes. The changes would take effect starting January 1, 2025.
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