Distilled Spirits Council of the United States President & CEO Chris Swonger released the statement below following the U.S. House of Representatives passage of a one-year extension of the Craft Beverage Modernization and Tax Reform Act (S.362/H.R. 1175):
“The distilled spirits industry is grateful for the House passage of a one-year extension of the Craft Beverage Modernization and Tax Reform Act, which will provide much-needed continued tax relief for more than 2000 craft distillers. This bill is critical to the day-to-day operations of craft distilleries nationwide, and its passage will be instrumental in their planning for the next year. We urge the Senate to pass this legislation swiftly to restore stability for these small businesses as soon as possible.”
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 year-end tax extenders legislation released, the federal excise tax reduction would expire on Dec. 31, 2020.