CNBC.com: NY Finds Way to Restore Tax Break to Beer Brewers
New York brewmeisters can celebrate with some Saranac beer brewed in the foothills of the Adirondacks or Brooklyn's Monster Ale now that state officials have found a way to restore a tax break for craft beer brewers.
Gov. Andrew Cuomo and the state Legislature not only restored a per-gallon tax exemption eliminated by a lawsuit from a rival Massachusetts brewer, but New York is increasing its bet on an industry that's flourishing despite a slow overall economic recovery. The package of laws announced Wednesday will even allow farmers to sell craft beer at farmers' markets.
"This legislation will give our state's growing craft beer industry the tools needed to create jobs, promote agriculture, and encourage environmentally friendly economic development across New York state," Cuomo said Wednesday.
Senate Majority Leader Dean Skelos said the agreement on the tax break for brewers won't cost New Yorkers a dime. Instead, the state exemption of 12 cents per gallon and New York City exemption of 14 cents per gallon, which were struck down by the lawsuit, will be replaced an equivalent tax credit.
"It will be a wash," said Skelos, whose chamber has sought this and other business tax breaks to help create jobs.
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