On July 18, New York Governor Andrew Cuomo signed legislation recently reported on by BrewersAssociation.org which will provide tax credits for local breweries.
The Bill Basics:
- Any brewery that produces 60 million or less gallons of beer in New York would be eligible for a refundable tax credit applied against New York State personal income and business taxes.
- The credit amounts would be 14 cents per gallon for the first 500,000 gallons produced in New York, and 4.5 cents per gallon for the next 15.5 million gallons produced in the State.
- Both in-state and out-of-state brewers with an annual production of less than 1,500 barrels would also be exempt from the fees associated with brand label registration.
- Creates a farm brewery license that would allow craft brewers using products grown in New York State the same tasting, restaurant and retail sales privileges that farm wineries already enjoy.
What does this mean for craft breweries in NY?
As is the case in many states, the craft brewers in New York continue to be an important and growing piece of the economy. This tax credit will allow New York’s burgeoning craft breweries to remain competitive, continue to grow and add jobs in local communities.