Tax Break for Breweries

By Lindsay Nielsen

Tax Break for Breweries

August 8, 2011 Updated Aug 8, 2011 at 4:55 PM EST

Milford, NY (WBNG Binghamton) New proposed legislation could help small breweries in New York State fully tap their business potential.

Senator Charles Schumer announced his push to pass laws that would cut the excise tax on small breweries.

Schumer visited the Cooperstown Brewing Company in Milford to make his announcement.

Currently brewers pay a seven-dollar excise tax for the first 60,000 barrels they brew per year, that's $7 per barrel.

Schumer's plan would cut the tax in half to $3 dollars and 50 cents per barrel.

The president of the Cooperstown Brewing Company shared his reasons for supporting the legislation.

"Primarily it's because the excise tax is rather substantial on beer and that draws out of our daily earnings and by having less excise tax well make more profit," says Stan Hall, President of Cooperstown Brewing Company.

Schumer hopes the legislation will allow breweries to re-invest in their business and create more jobs.

Hall says the tax cut would allow him to hire more staff.

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