H.R. 7029, introduced by Mr. Blumenauer and Mr. Kelly of Pennsylvania, is known as the "Bubble Tax Modernization Act of 2024." This bill proposes an amendment to the Internal Revenue Code of 1986 to eliminate the tax distinction between mead and low alcohol by volume wines....
Simple Explanation
H.R. 7029 wants to change a rule so that mead and wines with low alcohol are treated the same when it comes to taxes. This means that both will be charged the same tax if they have no more than 16% alcohol, starting next year.