Craft distilleries bracing for huge tax hike in 2021
Craft distilleries brace for tax hike
Craft distilleries are bracing for a huge tax hike in the new year that businesses say will wreak havoc on the craft liquor industry.
WASHINGTON (FOX 5 DC) - Craft distilleries are bracing for a huge tax hike in the new year that businesses say will wreak havoc on the craft liquor industry.
If Congress doesn’t act, craft distilleries will see their federal excise tax increase by 400 percent.
Currently, the excise tax distilleries pay on their liquor is based on how much is produced. Smaller distilleries that produce less pay a lower rate than the huge companies making millions of dollars and selling worldwide.