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| Drum Circle Distillery in Florida |
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.
