DISCUS President & CEO Chris Swonger Statement Regarding President Donald Trump Signing Into Law a One-Year Extension of the Craft Beverage Modernization & Tax Reform Act

“We are thankful to President Trump for his swift action in signing into law the year-end spending and tax bill, which contains a one-year extension of the Craft Beverage Modernization and Tax Reform Act. This bill supports small businesses and helps craft distillers reinvest in their employees, their businesses and their communities. Because of the president’s support, more than 2,000 craft distillers no longer have to worry about waking up to a huge tax increase come January. Instead, they can focus on creating more jobs, buying more grains from farmers and stimulating local economies. We look forward to continuing to work with Congress and the administration on permanently lowering tax rates for craft distillers to give them certainty for growth and planning beyond 2020.”

Background:

Introduced by Senators Ron Wyden (D-Ore.) and Roy Blunt (R-Mo.) and by Representatives Ron Kind (D-Wis.) and Mike Kelly (R-Pa.), the legislation includes reforms enacted in 2017 that create a fair and equitable tax structure for brewers, winemakers, distillers and importers of all beverage alcohol. Under the new law, the federal excise tax reduction for distillers would expire on Dec. 31, 2020.

 

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