Included in the Tax Cuts and Jobs Act (H.R. 1) passed in late December were “Craft Beverage Modernization and Tax Reform” provisions that, among other things, reduced federal excise taxes for wine, beer and spirits businesses. These reductions expire at the end of 2019 unless extended by future legislation. While these changes may not have initially received a great deal of coverage in the press, affected businesses experienced almost immediate tax relief and are now putting their savings to use. The New York Times recently reported on this topic – the article can be found here. Businesses should stay tuned for efforts to extend or modify these tax relief provisions.
If you have questions about tax law changes impacting the beverage industry, please contact one of the attorneys listed below:
Dustin Swanson at 503.294.9262 or firstname.lastname@example.org
Todd Friedman at 503.294.9327 or email@example.com