Skip to comments.Maine brewers stand to save about $1 million from less tax per barrel
Posted on 01/09/2018 5:38:38 PM PST by Steven Scharf
Maine brewers stand to save about $1 million from less tax per barrel
Part of the federal tax reforms passed last year were significant cuts to the excise tax imposed on craft brewers.
Tucked inside the recently passed federal tax overhaul was a very specific tax cut that could cumulatively save Maine breweries about $1 million this year.
The Craft Beverage Modernization and Tax Reform Act was passed at the end of 2017 along with tax reforms that lowered both personal and corporate tax rates. The act includes a two-year cut on the federal tax levied on a barrel of beer from $7 per barrel to $3.50 for the first 60,000 barrels brewed. The tax is $16 per barrel after 60,000 barrels, a drop from $18 per barrel.
The size of the savings is directly proportional to the size of the brewery, leading larger brewers to consider infrastructure or research improvements, while smaller brewers say the windfall could mean nothing more than a holiday party for employees.
Two of Maines largest breweries, Allagash and Shipyard, figure to save more than $200,000 in excise taxes in 2018. But Sacos Barreled Souls which made 239 barrels of beer in 2016 wont see much of a boon, co-founder Matthew Mills said.
I really dont see it as having much of an impact on anything, Mills said. It wont really enable us to do anything. Its not like its a staff person or will affect our ability to grow.
At the end of the year, maybe we buy a new piece of equipment that we wouldnt have otherwise, or we take our staff out for a night.
(Excerpt) Read more at pressherald.com ...
Portland Maine and the surrounding area have several craft breweries and has become a beer tourist city. There are brew tours and tasting rooms to partake in. If you love beer make the trip.
I was bummed they didn’t extend the medical device excise tax moratorium.
But, hey, silver lining!!
Mathew Mills is apparently an Obamaite.
How did it happen?? Men quickly learned to buy women drinks...
I like Shipyard
Making beer cheaper is truly #MAGA
$836 isn’t much, but it’s still enough for some cleaning supplies, or yeast, or malted grain.
Re-invest it in the company and perhaps you can sell more product, if you make a decent beer, Mr. Mills. Then you can pay more of those taxes you seem to love.
There’s no pleasing some folks, is there?
$836 isnt much
= = = = = = =
If he REALLY cared, he would return the 836 and add 836 or whatever HE thinks the tax should be.
He belongs to the crowd that says the reason PRESIDENT Donald Trump didn’t accept a salary for President is he doesn’t want to pay the Tax on it and/or show us his records.
‘They’ sure got it right when they declared some people gripe if hung with a new rope.
“Mathew Mills is apparently an Obamaite”
It’s Maine, so very good odds he is. Not enough data about his business to be certain, but my to cents is his product isn’t very good or he is a bad businessman. 236 barrels of beer is nothing.
Or he is a happy being mediocre and pointing fingers at others for so his situation. Typical liberal.
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