premises, or from the time of divestment of interest, whichever is later. . (b) Removal from brewery by pipeline Section 5412 of the Internal Revenue Code of 1986 is amended by inserting pursuant to section 5414 or before by pipeline . (c) Effective date The amendments made by this section shall apply to any calendar quarters beginning more than 1 year after the date of the enactment of this Act. III Wine 301. Reduced rate of excise tax on certain wine (a) In general Section 5041(c) of the Internal Revenue Code of 1986 is amended— (1) in the heading, by striking for small domestic producers , (2) by amending paragraph (1) to read as follows: (1) Allowance of credit (A) In general There shall be allowed as a credit against any tax imposed by this title (other than chapters 2, 21, and 22) an amount equal to the sum of— (i) $1 per wine gallon on the first 30,000 wine gallons of wine, plus (ii) 90 cents per wine gallon on the first 100,000 wine gallons of wine to which clause (i) does not apply, plus (iii) 53.5 cents per wine gallon on the first 620,000 wine gallons of wine to which clauses (i) and (ii) do not apply, which are produced by the producer and removed during the calendar year for consumption or sale, or which are imported by the importer into the United States during the calendar year. (B) Adjustment of credit for hard cider In the case of wine described in subsection (b)(6), subparagraph (A) of this paragraph shall be applied— (i) in clause (i) of such subparagraph, by substituting 6.2 cents for $1 , (ii) in clause (ii) of such subparagraph, by substituting 5.6 cents for 90 cents , and (iii) in clause (iii) of such subparagraph, by substituting 3.3 cents for 53.5 cents . , (3) by striking paragraph (2), (4) by redesignating paragraphs (3) through (7) as paragraphs (2) through (6), respectively, and (5) by amending paragraph (6), as redesignated by paragraph (4) of this subsection, to read as follows: (6) Regulations The Secretary may prescribe such regulations as may be necessary to carry out the