Gov. Andrew Cuomo announced Thursday the Beer Production Credit—now known as the Alcohol Production Credit—has been expanded to include the state’s wine, spirits and cider industries.
The credit is anticipated to save those industries some $4 million over the next two years, officials said. The change is effective for the 2016 tax year.
The credit has saved $11 million for New York’s breweries to date, officials said.
"New York is the epicenter of a burgeoning craft beverage industry and this administration has worked hard to cut red tape and lower costs to help encourage further growth," Cuomo said in a statement. "These actions continue our efforts and will help wineries, cideries and distillers in every corner of the state reinvest in their businesses and create jobs and economic activity."
Those eligible for the annual credit include craft beverages businesses that produce 60 million gallons or less of beer or cider, 20 million gallons or less of wine or 800,000 gallons or less of liquor in New York.
The previous sales tax exemption for tastings at breweries, cideries, wineries and distilleries is expanded to include the alcoholic beverage tax that the producers would owe, officials said. The state’s craft beverage industry has grown by 169 percent, across wine, beer, spirits and cider producers, since 2011.
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