Nearly 10,000 craft distiller employees will lose their jobs if the Craft Beverage Modernization and Tax Reform Act (CBMTRA) isn’t passed. Failure to renew the lower tax rates included in the measue will also result in a 40% reduction in U.S. craft spirits production.
That’s according to the American Craft Spirits Association (ACSA), which urged Congress to pass the Craft Beverage Modernization and Tax Reform Act (CBMTRA) before it expires Dec. 31, 2020. This permanent or temporary FET relief would prevent a 400% tax increase for all craft distillers, who are already struggling to recover from the devastating and ongoing impact of COVID-19. If Congress takes no action, FET will revert to $13.50 per proof gallon, as opposed to the current, temporary rate of $2.70, come January 1, 2021.
Read more here.
