Connecticut Microbreweries Get Boost From Federal Tax Credit
U.S. Senator Richard Blumenthal of Connecticut says a federal tax credit for small-scale breweries, distilleries and wineries has helped create jobs in Connecticut.
The tax credit for small scale alcohol producers was initially part of the 2017 Trump tax cut. It’s been extended in the bipartisan federal budget passed by Congress last month. Blumenthal says he opposed Trump’s tax cuts to big business, but this particular tax cut is for small businesses and is a job creator.
“These craft breweries put the savings back into their businesses. They create jobs. They produce more beer. They meet demand. And they provide good value.”
Blumenthal spoke at Thomas Hooker Brewery in Bloomfield. Brewery owner Curt Cameron agrees that he’s putting 100% of his tax cut back into his business, “in our case a brand-new pizza kitchen, which is an offshoot of our existing business. It will create at least seven jobs immediately.”
If the tax break had not been extended, craft breweries like Thomas Hooker would have faced a federal excise tax increase of 400% this year.