Grassley: Excise Tax Break for Small Producers Sure to Be Renewed
Senate Finance Committee Chairman Chuck Grassley, R-Iowa, said that the temporary tax break for small brewers, cider makers, vintners and distillers is sure to be renewed as part of the year-end package. Grassley was responding to a question from International…
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
Trade Today during a phone call with reporters Dec. 15. Although the tax break is called the Craft Beverage Modernization and Tax Reform Act, it also applies to large producers, but not at the same level of generosity. For example, for breweries that produce fewer than 2 million barrels a year, the tax is $3.50 a barrel on the first 60,000 barrels; that's a 50% discount compared with before the law's passage. For all brewers, the tax went from $18 a barrel to $16 a barrel on the first 6 million barrels produced in a year.