President Trump’s Tax Cut and Jobs Act has no shortage of critics, but one industry that stands to benefit immediately from certain provisions of the bill is America’s craft breweries. The Craft Beverage Modernization and Tax Reform Act, which is part of the reform package, reduces the excise taxes small breweries have to pay the government for each barrel of beer produced- a tremendous relief for brewery startups and others struggling to compete.
Bob Pease, president and CEO of the Brewers Association proclaims the passage of this tax relief bill a cause for immediate celebration.
“This is a monumental day for small and independent craft brewers. America’s small, Main Street brewers—6,000 strong and located in every state and virtually every congressional district in the country—are incredibly pleased Congress has recognized that they have great growth potential. Our expectation is that small brewers will use their savings related to the recalibration of the federal excise tax on beer to invest in their breweries, expand their operations, create more jobs and hire more American workers. We are very appreciative that Congress has enacted these bipartisan, strongly supported measures”, said Pease.
Many might not realize, but the Brewers Association has been pressing for small brewery tax relief for quite some time. Citing the unfair tax burden imposed by the excise taxes, the Brewers Association has been at the forefront of reform and Pease is proud to see that his organization’s efforts have finally paid off.
“For the better part of a decade, the Brewers Association has played a central role advocating for tax relief for small brewers. We appreciate all the support and hard work from every corner of the country that brought this to fruition. This is a significant step forward representing over $142 million in annual savings for small brewers. We will continue to build on today’s success to bring even greater economic growth for craft brewers and the communities they serve,” Pease stated.
Small businesses face countless hurdles and obstacles to success. Taxes are one of several and it is great to see that America’s craft breweries will finally enjoy a reduction in government obligations. It is certainly a cause for celebration and we at Great Beer Now are confident that America’s craft breweries will put the funds to good use by investing further in their businesses, hiring more employees, and spreading the good news of craft beer across the land. Cheers to tax reform- America’s small breweries deserve this much- needed break!
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