Last night, Senate Finance Committee Chairman Orrin Hatch (R-UT) released his Chairman’s markup of the long-awaited major tax reform proposal, which included a landmark provision to create tax fairness for the country’s 1,589 small, independent craft distillers. Current tax policy allows for a reduced excise tax rate for small producers of beer and wine, however, craft distillers are charged at the same rate as major corporate suppliers, creating a huge disparity within the industry.
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A bit of news from the American Craft Spirits Association
H.R. 747, the Craft Beverage Modernization and Tax Reform Act, re-introduced earlier this year by Rep. Erik Paulsen (R-MN) and Rep. Ron Kind (D-WI), has crossed the majority threshold in the U.S. House of Representatives, with more than 226 co-sponsors signed onto the bill, representing a clear, bipartisan majority in the U.S. House. The Senate, with a companion bill S. 236, introduced by Sen. Ron Wyden (D-OR) and Sen. Roy Blunt (R-MN) is just shy of a majority as well.