U.S. SENATE – U.S. Senator Steve Daines today cosponsored the Craft Beverage Modernization and Tax Reform Act to permanently reduce the excise tax on Montana’s small craft breweries. This bill will make a provision included in the Tax Cuts and Jobs Act permanent, which Daines supported in 2017.
“All across Montana, we’re home to breweries that support our barley growers and create high-paying jobs,” Daines said. “I look forward to making these changes that were included in the Tax Cuts and Jobs Act permanent, which will help continue to drive the success of these small businesses across our state and nation.”
The Craft Beverage Modernization and Tax Reform Act would permanently establish the excise tax for small craft breweries at $3.50 per barrel on the first 60,000 barrels, and $16 per barrel thereafter up to 2,000,000 barrels. This bill would also expand the wine producer tax credit and establish reduced excise taxes for craft distilleries.
To read the full bill, click HERE.
Daines supported a similar provision in the 2017 Tax Cuts and Jobs Act.
Last February, Daines completed a four day tour across Montana to see the benefits firsthand of these tax credits on Montana’s breweries.