|Posted:||December 11, 2014 03:14 PM|
|From:||Senator Richard L. Alloway, II|
|To:||All Senate members|
|Subject:||Small Breweries Malt Tax Credit|
|In the near future, I intend to introduce legislation that would institute a permanent Malt Beverage Tax Credit of $200,000 for small breweries for the purchase of qualifying expenditures made on or after January 1, 2010.
The credit was first enacted in 1974 as an emergency tax credit and expired at the end of 2008. The cost of this credit is estimated at $1.1 million per year and will benefit small breweries across the commonwealth.
This legislation will amend the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, further providing for limited tax credits for small brewers making qualifying capital expenditures for the purchase of items of plant, machinery and sale of malt or brewed beverages, provided that the total amount of qualifying capital expenditures made by a taxpayer within a single calendar year shall not exceed $200,000 and must have been made after January 2010.
A “Taxpayer” for the purpose of this legislation is a manufacturer of malt or brewed beverages claiming a tax credit or credits under this section after making a qualifying capital expenditure.
This tax credit cannot exceed the amount of qualifying capital expenditures.
This legislation was introduced last session as SB495 and was previously co-sponsored by: Alloway, Scarnati, Baker, and Rafferty.
Introduced as SB73