Cuomo signs tax break for New York beer brewers
Thu, 19 Jul 2012 10:21:52 GMT —
Gov. Andrew Cuomo was at the Matt Brewery in Utica Wednesday to sign legislation providing tax credits for small breweries, replacing an excise tax exemption struck down by a lawsuit.
Any brewery that produces 60 million or fewer gallons in New York will be eligible for a refundable tax credit applied against state personal income and business taxes.
The state has more than 90 breweries
The law also establishes a license to allow craft brewers using New York hops to operate like wineries, which can sell products directly from their own retail outlets.
They will be able to sell each other's products as well.
Farm-based breweries will be able to open restaurants.
The law exempts breweries producing brands of 1,500 barrels or less annually, even breweries outside New York, from the state's $150 annual brand label fee.