President’s signature ensures U.S. brewers and beer importers will not face a $130 million tax increase in 2020
WASHINGTON, Dec. 20, 2019 (GLOBE NEWSWIRE) -- Today, Jim McGreevy, President and CEO of the Beer Institute, released the following statement after President Donald J. Trump signed legislation extending excise tax relief for all brewers and beer importers.
“By signing legislation today to maintain current excise tax rates on beer for one year, President Trump provides brewers and beer importers the certainty they need to continue growing and reinvesting in their businesses, hiring new employees, innovating unique products, and producing America’s most popular alcohol beverage,” said Jim McGreevy, President and CEO of the Beer Institute. “More than two-thirds of Americans across the political spectrum want excise tax relief for the beer industry, which supports more than 2.1 million American jobs. As we look forward to 2020, Congress must continue working to pass the extremely popular bipartisan, bicameral Craft Beverage Modernization and Tax Reform Act, and make the current beer excise tax rates permanent.”
“As a brewer, I want to thank President Trump and members of both the House and Senate – including members of the Maryland Delegation – for extending excise tax relief for brewers,” said Dan Kopman, CEO of Heavy Seas Beer in Baltimore, Maryland. “Since passage in 2017, excise tax relief has saved Heavy Seas Beer $147,000, allowing our company to move forward with recruiting two new permanent, full-time positions. Excise tax relief has given brewers and beer importers of all sizes across the nation the ability to expand and grow, and I urge members of Congress to work together in the new year to make the excise tax rates in the Craft Beverage Modernization and Tax Reform Act permanent.”
In 2017, Congress included two years of excise tax relief for all brewers and beer importers as part of the Tax Cuts and Jobs Act. In response, brewers across the nation expanded their operations, hired more employees, increased pay and benefits and more.
According to recent polling done by the Beer Institute, more than two-thirds of Americans support extending tax relief for brewers and beer importers. Further, more than 320 members of the House and more than 70 members of the Senate are cosponsors of the Craft Beverage Modernization and Tax Reform Act of 2019, which would make the excise tax relief for brewers and beer importers contained in the Tax Cuts and Jobs Act permanent.