A new bill, providing a tax credit for craft brewers in New York City, has been signed into law by Governor Andrew Cuomo.
Introduced by Assemblymember Joseph Lentol and State Senator Marty Golden in their respective houses, the bill provides the credit to craft brewers that are registered as distributors and produce 60 million or fewer gallons of beer in the state per year.
For every gallon of beer produced, up to 500,000 gallons, the craft brewer will receive a 12 cent tax credit, according to Lentol. For every gallon after 500,000 gallons the credit is nearly four cents per gallon.
“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. “In North Brooklyn alone, we have some great craft brewers from Greenpoint Beer & Ale Co. and Brooklyn Brewery to Keg & Lantern Brewing Company. I am certain that this tax credit will catapult New York City’s craft brewers to the next level.”