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New stimulus package permanently extends excise tax regulations saving craft brewers thousands Updated Dec 23, 2020; The bill adds even more relief to craft breweries across the country as it relates to the Craft Beverage Modernization and Tax Reform Act (CBMTRA). Current regulations tax $3.50 per barrel of beer on the first 60,000 barrels produced by breweries. The tax jumps to $16 for every barrel beyond 60,000. The regulation was set to expire on Dec. 31. The stimulus bill permanently extends the regulation. If it had expired, the cost would jump from $3.50 to $16 regardless of the size of a brewery. “That’s huge. I can’t even imagine if that actually wasn’t extending and suddenly we had to pay four times as much in federal excise tax,” CEO of Redemption Rock Brewing Co. Dani Babineau said. ....
December 23, 2020 The federal excise tax breaks on wine initially approved on a temporary basis three years ago could become permanent - if President Trump signs the $900 billion coronavirus economic stimulus bill containing the provisions. The tax benefits of the Craft Beverage Modernization and Tax Reform Act (CBMTRA) were included in the bipartisan legislation the U.S. House of Representatives and U.S. Senate approved Monday, a bipartisan bill large enough to fill 5,600 pages. It remains unclear if or when the president would sign the bill into law. On Tuesday, Trump called the massive bill a “disgrace” and asked Congress to amend it, in part to increase the amount of provision checks included in the legislation from $600 to $2,000, according to news reports. ....
City Paper | Wednesday's case count surpasses 3,500, no bowl for Gamecocks charlestoncitypaper.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from charlestoncitypaper.com Daily Mail and Mail on Sunday newspapers.
This Tax Cut for Distilleries Just Became Permanent chron.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from chron.com Daily Mail and Mail on Sunday newspapers.