Assembly, Senate pass tax credit bill for craft beer brewers

Cheers to New York City craft brewers.

Both the Assembly and the Senate have passed legislation, penned by Brooklyn Assemblymember Joseph Lentol, that will provide a tax credit to craft brewers within the city of New York.

“I am certain that the tax credit we provided for the craft brewers in 2012 is what fueled the industry’s growth in New York State,” said Lentol. “I look forward to seeing similar growth right here in New York City. In North Brooklyn alone we have some great craft brewers from Greenpoint Beer & Ale Co. and Brooklyn Brewery to KelSo Beer and Keg & Lantern Brewing Company. I am hopeful that this tax credit will catapult New York City’s craft brewers to the next level.”

Under the bill, for every gallon of beer produced (up to 500,000 gallons), the craft brewer will receive a 12 cent tax credit. For every 500,000 gallons the credit is nearly four cents per gallon. Though, no credit will be available for any beer produced in excess of 15,500,000 gallons per year.

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