Wine Spectator: As U.S. Senate Considers Tax Bill, Wineries Seek a BreakDecember 1, 2017
Taxes are the hottest topic in Washington, D.C., right now. The U.S. Senate is considering what could be the biggest overhaul of the federal tax code since 1986. But while the debate has focused on corporate tax rates and personal income tax brackets, the bill also could have a major impact on the wine industry.
A separate bill, the Craft Beverage Modernization and Tax Reform Act (S. 236/H.R. 747), which would significantly reduce the tax burden on wineries by restructuring the excise tax code, has been added to the Senate bill as an amendment. That means that if tax reform passes, it could have a huge impact on wineries, brewers and distillers. That has many in the alcohol industry lobbying for the proposal. Wine Spectator takes a look at the possible effects for the industry and its consumers.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.