New York’s Governor recently signed legislation creating an income tax credit for certain small breweries in the state. In order to qualify for the credit, the brewery must produce no more than 60 million gallons of beer, according to an article in Bloomberg BNA’s Weekly State Tax Report.
The credit equals 14 cents per gallon for the first 500,000 gallons of beer produced in New York and 4.5 cents per gallon for the next 15 million gallons. Approximately 90 craft breweries will benefit from this new tax credit, the article noted.
In addition, the Governor signed legislation that exempts farm breweries from sales tax information return filing requirements in New York.
Other states also offer credits for wine and beer production. In Missouri, for example, there is a tax credit for grape and wine producers that equals 25 percent of the purchase price of new equipment and materials used directly in the growing of grapes or the production of wine in Missouri, according to the Bloomberg BNA State Tax Portfolios.
And in Virginia, there is a tax credit for farm wineries and vineyards. The credit equals 25 percent of all capital expenditures made in connection with the establishment of a new Virginia farm winery or vineyard, as well as capital improvements made to existing Virginia farm wineries or vineyards.
For more information on state beer and wine credits, check out the Bloomberg BNA State Tax Portfolios.
In other developments . . .
The Oregon Business Development Department adopted regulations, regarding the manufacturing business energy tax credit, that clarify the start date for the five-year recovery period for transferred credits and that move administration of the credit to the department, a recent Bloomberg BNA Weekly State Tax Reportarticle noted.
By: Kathleen Caggiano
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