WASHINGTON, Dec. 27, 2020 (GLOBE NEWSWIRE) — Today, Jim McGreevy, President and CEO of the Beer Institute, released the following statement after President Donald J. Trump signed COVID relief legislation:
“The pandemic has decimated the hospitality industry – especially restaurants and bars – and this legislation offers some relief and helps start our economy down the path to the recovery. I want to thank Leader McConnell, Leader Schumer, Speaker Pelosi, and Leader McCarthy for working on a bipartisan basis to put forward assistance for the American people, particularly our friends in the hospitality industry who have been severely impacted by restrictions to limit the spread of COVID-19, and I want to thank President Trump and his administration for their leadership in providing much-needed help to Americans. The permanent alcohol excise tax relief contained 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 tax relief will provide essential funds that will drive three new positions, adding to our sales and marketing depth and maintenance capability. Furthermore, will be able to accelerate our investment in capital equipment.”
In 2017, Congress included two years of excise tax relief for all brewers and beer importers as part of the Tax Cuts and Jobs Act, which was extended for one year in December 2019.
According to recent polling done by the Beer Institute, 63 percent of Americans support Congress making the current federal excise tax rates permanent for all brewers and beer importers. Further, more than 350 members of the House and more than 75 members of the Senate are cosponsors of the Craft Beverage Modernization and Tax Reform Act of 2019, which makes the excise tax relief for brewers and beer importers contained in the Tax Cuts and Jobs Act permanent.
The Beer Institute is a national trade association for the American brewing industry, representing brewers of all sizes, as well as beer importers and industry suppliers—an industry that supports more than 2.1 million jobs and provides more than $328 billion to the American economy. First founded in 1862 as the U.S. Brewers Association, the Beer Institute is committed today to the development of sound public policy and to the values of civic duty and personal responsibility. For additional 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.