H.R. 2571, To amend the Internal Revenue Code of 1986 and the Foreign Trade Zones Act to simplify the tax and eliminate the drawback fee on certain distilled spirits used in nonbeverage products manufactured in a United States foreign trade zone for domestic use and export

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H.R. 2571 would amend the Internal Revenue Code of 1986 and the Foreign Trade Zones Act to simplify the tax and eliminate the drawback fee on certain distilled spirits used in nonbeverage products manufactured in a United States foreign trade zone for domestic use and export.

Detailed Summary

Amends the Internal Revenue Code and the Foreign Trade Zones Act to permit the transfer of distilled spirits used in a foreign trade zone for the manufacture or production of nonbeverage products (i.e., medicines, medicinal preparations, food products, flavors, flavoring extracts, or perfume, which are unfit for beverage purposes) to an activated foreign trade zone without payment of applicable excise taxes. Authorizes the Secretary of the Treasury to: (1) require manufacturers and producers of such nonbeverage products to file an adequate bond and permit; and (2) examine records and compel testimony to enforce the provisions of this Act.

Status of the Legislation

Latest Major Action: 6/5/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.

Points in Favor

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Points Against

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