S. 5442, titled the “Bubble Tax Modernization Act of 2024,” aims to change how certain wines are taxed in the United States by altering the Internal Revenue Code of 1986. It removes the distinction between mead and low-alcohol-by-volume wines for taxation purposes. The bill...
Simple Explanation
S. 5442 is a plan to change the rules about how some drinks like mead and certain wines are taxed. It wants to treat those drinks the same way, starting from 2025.