“Craft whiskey makers in Maryland and across the country say the clock is ticking on tax cut they say is helping to keep many of their operations in business.
The two-year tax cut was part of the 2017 federal tax reform bill and is set to expire at the end of the year.
The cut charges smaller craft distilleries who produce less than 22.33 million proof gallons per year, less than the federal $13.50 proof gallon tax charged larger distilleries. Those distilleries would see their taxes go up 400 to 500% if the tax break were to expire, according to the Distilled Spirits Council, an industry trade group.
Federal tax code defines a proof gallon as a gallon of liquid that is 50% alcohol. A bill to make this tax cut permanent remains stalled in a House committee…” To continue reading, click here.