The U.S. Congress has passed a package that will extend the Craft Beverage Modernization and Tax Reform Act, which will delay a tax hike for beer, wine, spirits, and alcoholic beverage companies for another year, reports Brewbound. It is expected to be signed into law by President Trump shortly. The extension will only last one year, after which it will have to be extended again.
"We are pleased Congress has come together to prevent a $130 million tax increase on our nation's thriving beer industry," Jim McGreevy, president and CEO of the trade group the Beer Institute, wrote in an email to members. "As we enter 2020, we will continue fighting for excise tax relief permanency with the popular bipartisan, bicameral Craft Beverage Modernization and Tax Relief Act." Full Story
Related: Anheuser-Busch Buys Remaining Shares of Craft Brew Alliance; Craft Beer Remains Strong Contributor to Economy.
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