Craft Spirits FET Proposal Now Added To The Broader GOP Tax Reform BillNovember 16, 2017
The Senate Finance Committee has included the Craft Beverage Modernization and Tax Reform Act in an amendment to the GOP tax reform plan currently under consideration on Capitol Hill. The Craft Beverage Modernization plan has 54 Senate co-sponsors, and the corresponding House Bill has 297.
If enacted, it would reduce the federal excise tax on distillers’ first 100,000 proof gallons from around $13.50 a proof gallon down to $2.70. Lowering the excise tax would offer distillers a tax break similar to the one afforded craft brewers and wineries, as previously reported in Shanken News Daily. Both the American Craft Spirits Association and the Distilled Spirits Council lauded the Senate committee’s move to include the FET reduction within the larger tax reform proposal.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.