Maggie Hassan: Supporting craft breweries through bipartisan tax relief - Monadnock Ledger Transcript

U.S. Senator

Published: 1/24/2020 2:04:44 PM

Modified: 1/24/2020 2:04:32 PM

Craft breweries embody the entrepreneurial spirit of our state. All across New Hampshire, brewers have built businesses that are driving our economy forward. Not to mention, they’re brewing really great beer that is recognized across the country.

In the Granite State, craft brewing is a growing and thriving sector. In 2011, there were just 15 craft breweries in New Hampshire and as of 2018, there are an estimated 81 craft breweries helping boost our state’s economy. A 2018 study by the Brewers Association found that craft breweries contributed $452 million to the economy of our state.

Our craft breweries help attract tourists with their quality products, they help create good jobs for Granite Staters, and they are also strong members of our communities – helping support various organizations, events, and causes.

One of my top priorities in the Senate is promoting entrepreneurship and supporting small businesses, including of course, craft breweries.

To help strengthen the craft brewing industry, the recent bipartisan government funding agreement included a provision that I’ve supported to extend essential tax cuts for the craft beverage industry. This provision will reduce excise taxes for brewers through this year, providing them with more cash flow to invest in their business and continue to grow.

These tax cuts for brewers are a strong step forward, and as a member of the Senate Finance Committee, which handles tax policy, I remain focused on giving businesses more certainty. In fact, a recent article in the Monadnock Ledger-Transcript highlighted how these extended tax cuts will help local breweries, including Houndstooth Brewing and Pup’s Cider Company in Greenfield and Granite Roots Brewing in Troy. Both breweries say that these tax cuts will help them reinvest more money into their business by saving money on the barrels that they produce.

Additionally, as part of those efforts, I am continuing to work to pass the bipartisan Craft Beverage Modernization and Tax Reform Act – a bill that would permanently extend the reduction in excise taxes for craft breweries, while also cutting red tape and streamlining outdated, burdensome federal regulations that hold businesses back. This legislation is exactly the type of commonsense proposal that would provide small businesses with some important relief, and it has broad, bipartisan support in the Senate.

Our economy greatly benefits when craft breweries are thriving and creating jobs in communities across our state. I’ll continue working with members of both parties to find bipartisan solutions that help all of New Hampshire’s small  businesses grow and thrive.

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Maggie Hassan: Supporting craft breweries through bipartisan tax relief - Monadnock Ledger Transcript
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