Brewers in Springfield worried about a tax break expiring this year

News

SPRINGFIELD, Mo. — In recent years we’ve seen the craft beer industry grow from a handful of breweries in major cities to thousands of smaller breweries across all 50 states.

Here in Springfield, we have several of our own.

Brewers say the craft beverage modernization and tax reform act passed in 2017, has helped with that growth.

But those tax breaks expire this year.

Jim McGreevy with the beer institute says the act reduced the federal excise tax for brewers and helped the industry’s explosive growth.

“Allowed them to spend the money innovating in their breweries,” McGreevy said.

The two-year tax break runs out at the end of 2019.

Supporters urge Congress to extend it or make it permanent.

“If it would go back to the old, higher rate it would be disruptive to our industry,” McGreevy said.

A recent study shows the craft-beer industry contributed nearly 79 billion dollars to the U.S. economy in 2018.

Supporters say the tax-relief could provide stability to the craft beer businesses its workers, and their communities.

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Local Sports

More Local Sports

World News

More World News
Viewer Panel Sign Up

Trending Stories

Washington DC Bureau

Washington DC Bureau

Newsfeed Now

More Newsfeed Now