With the aim of promoting the creation of jobs and reducing compliance and tax burdens, bipartisan senators have introduced a bill related to the U.S. craft beverage industry.
The following provisions would be implemented with this bill:
- Reducing excise taxes to provide more cash flow for brewers to reinvest in their business growth
- Simplifying the rules for ingredient approval
- Simplifying the rules for brewery collaboration
- Expanding the tax credit for wine production
- Expanding allowances for tax purposes on carbonation
- Expanding the allowances on alcohol content for particular wines
- Establishing reduced excise taxes for the smaller craft distilleries
- Reducing restrictions on tax-free spirit transfers between distillers
The bill would also exempt beverage producers from certain capitalization rules for aged products.
A link to the General Provisions for the Bill is provided here. The link will take you to The U.S. Senate Committee on Finance website.
We are happy to answer any questions you might have. Feel free to contact us at email@example.com