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S. Rept. 114-15 1 (2015-04-14)

handle is hein.congrecreports/crptxscs0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP Calendar No. 38 114TH CONGRESS REPORT 1st Session SENATE 114-15 CRAFT BEVERAGE BOND SIMPLIFICATION ACT OF 2015 APRIL 14, 2015.-Ordered to be printed Mr. HATCH, from the Committee on Finance, submitted the following REPORT [To accompany S. 904] The Committee on Finance, having considered an original bill, S. 904, to amend the Internal Revenue Code of 1986 to remove bond requirements and extend filing periods for certain taxpayers with limited excise tax liability, having considered the same, reports fa- vorably thereon without amendment and recommends that the bill do pass. CONTENTS Page I. LEGISLATIVE BACKGROUND .................................................................... . 1 II. EXPLANATION OF THE BILL ...................................................................... 2 A. Remove Bonding Requirements for Certain Taxpayers Subject to Federal Excise Taxes on Distilled Spirits, Wine, and Beer (sec. 1 of the bill and secs. 5061(d), 5173(a), 5351, 5401 and 5551 of th e C ode) ......................................................................................... 2 III. BUDGET EFFECTS OF THE BILL ............................................................... 4 IV. VOTES OF THE COMM ITTEE ..................................................................... 4 V. REGULATORY IMPACT AND OTHER MATTERS .................................... 5 VI. CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED 5 I. LEGISLATIVE BACKGROUND The Committee on Finance, having considered S. 904, the Craft Beverage Bond Simplification Act of 2015, a bill to amend the In- ternal Revenue Code of 1986 to remove bond requirements and ex- tend filing periods for certain taxpayers with limited excise tax li- ability, reports favorably thereon without amendment and rec- ommends that the bill do pass. 49-010

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