U.S. Sen. Ron Wyden, D-Ore., has introduced legislation that would promote continued job creation in the growing craft beverage, cider, wine and distillery industries throughout Oregon and the country.
The Craft Beverage Modernization and Tax Reform Act, S.1562, introduced Thursday would cut taxes and modernize outdated regulations for craft brewers, cider makers, vintners, and distillers.
In Oregon, those industries are responsible for an estimated 40,000 jobs collectively and generate about $6 billion annually in revenue.
“Oregon’s craft beer, wine, cider and spirits producers are both world-renowned and a huge boon to our state’s economy,” said Wyden, co-chair of the Senate Bipartisan Small Brewers Caucus.
“Each of these industries is unique, and this legislation takes targeted approaches to update antiquated rules and reduce taxes for these growing businesses to ensure that these innovators continue to create high-quality jobs for Oregonians, said Wyden, the top Democrat on the Senate Finance Committee, which oversees excise taxes and alcohol regulations.
In addition to providing tax relief for Oregon’s brewers, cider makers, vintners, and distillers, this legislation would also reduce compliance burdens for craft beverage producers by exempting nearly 90 percent of all industry members from complex bonding and bi-weekly tax filing requirements. Wyden said the bill would exempt aged beers, ciders, wines, and spirits from complicated accounting rules. He added it would reform rules on brewers to encourage more collaboration and streamline regulations.
