|Drum Circle Distillery in Florida|
Bahama Bob's Rumstyles
Monday, February 5, 2018
New Excise Tax Cut Worth a Half-Billion to Alcoholic Beverage Producers
In its annual economic briefing yesterday, the Distilled Spirits Council reiterated its support for the recently passed package of tax cuts, which includes a two-year version of the Craft Beverage Modernization and Tax Reform Act. The act equalizes federal excise tax on spirits, wine and beer for the first 100,000 gallons produced annually. Under the legislation, distillers will pay $2.70 per proof gallon for their first 100,000 gallons produced in the calendar year.
“This historic tax cut will enable distillers to invest back in their businesses and communities, generate jobs and support agriculture and growing spirits tourism,” according to Kraig R. Naasz, president and CEO of the Distilled Spirits Council. “Ensuring that the tax cut is continued beyond the two-year period will be a top legislative priority for the council in the coming years.” The Senate passed the $1.4 trillion package of tax cuts in December It marked the first time that the United States government had reduced taxes for spirits producers of all sizes since the Civil War.