NORTH CAROLINA — Craft breweries and wineries across the nation get another year of federal tax breaks.
- The Craft Beverage Modernization and Tax Reform Act of 2018 is extended
- It gives businesses a cut from the federal excise tax and adds on a tax credit
- Owners of the Duplin Winery said the money they save from the tax benefits goes back to employees
The Craft Beverage Modernization and Tax Reform Act of 2018 is extended for a third year.
It gives businesses a cut from the federal excise tax and adds on a tax credit.
Owners of the Duplin Winery in Rose Hill say they have used the tax benefits to grow their business.
“At Duplin Winery, we also have used this to help us become a winery that sells over 500,000 cases a year. We have 54 families that grow grapes for us here in the eastern United States,” said Dave Fussell, a co-owner of Duplin Winery.
He also said the money they save from the tax benefits goes back to employees.
“A lot of breweries and wineries like ourselves are growing and using this money, we use our money for our associates," sats Fussell. "It helps pay for their insurance. Cuts some folks insurance bills from $800 a month to about $150 a month.”
The act was scheduled to expire December 31, 2019.
It is not extended through 2020.
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December 31, 2019 at 03:10AM
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Craft Beverage Act Extension Helps Breweries and Wineries Grow - Spectrum News
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