Wineries would benefit under GOP tax package
Provisions from the Craft Beverage Modernization and Tax Reform Act were in the Senate version of the tax bill that was accepted by House conferees and added to the tax package released Friday night that’s expected to be voted on by Congress this week. It would provide a new tiered system of tax credits for wineries, offering a $1 credit per gallon for the first 30,000 gallons produced; 90 cents for the next 100,000 gallons; and then 53.5 cents for up to 750,000 gallons, the equivalent of just over 315,000 cases annually. It also applies to imports. It would have another major impact by allowing wines with higher alcohol levels to be taxed at the lowest rate.