With the House having completed its tax reform bill, attention is shifting to the Senate, and Wine & Spirits Wholesalers of America praised the Senate measure, saying it “will benefit wholesalers and their employees—some 74,000 personnel at 3,000 locations nationwide. Benefits include more money to spend on staff, expanded facilities, trucks and equipment as well as training and modernization.
Because the Senate bill includes the Craft Beverage Modernization and Tax Reform Act, it would also benefit wineries, as tax credits would be extended for all producers and the alcohol content on table wine would increase to 16% from 14%, said Michael Kaiser, vp, WineAmerica.
“The time for tax cuts and tax reform is now—and the opportunity Congress has to make lasting change is significant. WSWA urges Congress to pass tax reform and the President to sign it into law,” WSWA President Craig Wolf said.
The Senate bill may be voted out of the Senate Finance Committee this week. It’s expected to go to the Senate floor sometime after Thanksgiving.