Cheers to New York tax break for brewers
blog by S.J. Velasquez • June 18, 2012 @ 10:37am
Cheers, New York brewers!
Gov. Andrew Cuomo and the state Legislature restored a tax exemption Wednesday that will save small breweries across the state big money.
“This legislation will give our state’s growing craft beer industry the tools needed to create jobs, promote agriculture, and encourage environmentally friendly economic development across New York state,” Cuomo told the Associated Press.
The 12-cent-per-gallon tax credit is a response to an exemption shot down in state court, the Albany Insider explains. The tax had been costing some brewers as much as $868,000 legislators estimated.
If passed, the bill would apply retroactively to March 28 (the original court date), according to Capitol Confidential.
The tax break would benefit smaller-scale breweries, with tax refunds allowed on the first 500,000 gallons brewed.
Photo courtesy of Flickr / Rasmus Knutsson.