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.