WASHINGTON, Dec. 27, 2020 (GLOBE NEWSWIRE) – Jim McGreevy, President and CEO of the Beer Institute, today released the following statement after President Donald J. Trump signed the COVID Relief Act:
“The pandemic has decimated the hotel industry – especially restaurants and bars. This legislation offers some relief and helps our economies move on to recovery. I want to thank Leader McConnell, Leader Schumer, Spokesperson Pelosi, and Leader McCarthy for working bipartisan to support the American people, especially our friends in the hospitality industry who have been severely affected by restrictions limiting the spread of COVID-19, and I would like to thank President Trump and his administration for their leadership in providing much-needed aid to Americans. The permanent alcohol excise tax relief included in this legislation will help support American jobs at a time of significant economic uncertainty. “
Mark Stutrud, Founder and President of Summit Brewing Company in Saint Paul, Minnesota, added, “The permanent excise relief will provide substantial resources that will create three new positions and expand our sales, marketing and maintenance capabilities. In addition, we can accelerate our investments in capital goods. “
In 2017, under the Tax Cuts and Employment Act, which was renewed for one year in December 2019, Congress provided two years of excise duty relief for all brewers and beer importers.
According to a recent poll by the Beer Institute, 63 percent of Americans support Congress, making the current federal excise rates permanent for all brewers and beer importers. In addition, more than 350 members of the House and more than 75 members of the Senate are co-sponsors of the 2019 law on the modernization and tax reform of craft beverages, which permanently provides for the excise tax relief for brewers and beer importers contained in the law on tax cuts and employment.
The Beer Institute is a national trade association for the American brewing industry, representing brewers of all sizes, as well as beer importers and suppliers – an industry that supports more than 2.1 million jobs and provides more than $ 328 billion to the American economy. The Beer Institute, founded in 1862 as the US Brewers Association, is committed to the development of solid public order as well as the values of civic duty and personal responsibility. For more updates from the Beer Institute, visit our website, follow @BeerInstitute on Twitter, like the Beer Institute on Facebook, and follow the Beer Institute on Instagram.
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