Anything is better than nothing, we guess.
—if the Craft Beverage Modernization and Tax Reform Act wasn't extended before expiring on December 31. Adding to these booze producers' frustration was that bills in both the House and the Senate that would have extended these federal excise tax cuts indefinitely had strong bipartisan support from about three-quarters of members.
And yet, apparently, political bickering meant the can simply got kicked down the road—until yesterday, when the can got a one-year punt. Yes, both houses of Congress have passed a package that will extend the CBMTRA—one that—but the extension will only last for one year, after which it will have to be extended again.
Certainly, anything is better than nothing, but in many ways, a one-year extension doesn't offer the full effects these companies are hoping for. On the bright side, maintaining low tax rates will allow producers who built business models based around the current tax relief to avoid having to do things like raise prices or flat out figure how to earn enough money to pay their tax bills.
"We are pleased Congress has come together to prevent a $130 million tax increase on our nation's thriving beer industry," Jim McGreevy, president and CEO of the trade group the Beer Institute, wrote in an email to members,. "As we enter 2020, we will continue fighting for excise tax relief permanency with the popular bipartisan, bicameral Craft Beverage Modernization and Tax Relief Act.
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