WASHINGTON (NEWS10) – The Craft Beverage Modernization and Tax Reform Act (CBMTRA), which will permanently reduce excise taxes for brewers, vintners, cider makers, and distillers and remove regulatory barriers, will be included in the end of year legislation.
The legislation will provide critical economic relief for craft beverage alcohol producers across the state, many of whom have seen a significant decline in revenue and are struggling to remain open as a result of the ongoing economic crisis, especially those whose sales are mainly on premise.
“Craft beverage producers throughout New York not only brew, bottle, and distill great products, but they also attract visitors and pour hundreds of jobs into their local communities,” said Senator Charles Schumer. “By making permanent the reduced tax rates for New York producers and removing regulatory barrier to accelerate growth, we can help local brewers, vintners, cider makers, and distillers make it through this economic crisis.”
There are an estimated 462 breweries, 450 wineries, 186 distilleries and 72 cideries across the state, supporting tens of thousands of New York jobs and contributing billions of dollars to the state’s economy:
- According to the Brewers Association, the craft beer industry has created approximately 29,000 full-time jobs in the state, with an annual economic impact of $4.9 billion.
- The New York Wine and Grape Foundation’s 2019 Economic Impact Study reveals that New York’s wine and grape industry directly created 71,950 jobs and contributes $6.65 billion in direct economic impact.
- According to the Distilled Spirits Council of the United States, New York’s distilled spirits industry supports 93,860 jobs and contributes $8.3 billion to the state’s GDP.