New tax law to boost alcohol industry
Tax cuts are coming to the alcohol industry.
WASHINGTON – The new tax law could give a big boost to the alcohol industry.
The Senate slipped in a provision that gives beer, spirit and wine producers a two-year reduction in federal excise taxes.
That means they will save $4.2 billion.
Small brewers will see their tax rates cut in half, from $7 per barrel to $3.50, for the first 60,000 barrels.
Big brewers will get a break as well.
Their tax rate on the first six million barrels of beer produced or imported will go from $18 to $16 per barrel.
That could save them nearly $12 million a year.
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