Tax Relief Bill a Step Closer to One Year Extension
The House Ways and Means Committee passed a one-year extension of the federal excise tax relief for alcohol producers and importers as part of the Taxpayer Certainty and Disaster Tax Relief Act of 2019, bringing the recalibrated federal excise taxes (FET) for breweries, wineries, and distilleries one step closer.
Under H.R. 3301, the FET recalibration, which is currently set to expire on December 31, 2019, would be extended by one-year through December 31, 2020.
The legislation now moves to the full U.S. House for consideration. The U.S. Senate is also expected to take up its own version of tax extenders legislation. Those bills would need to be reconciled in conference committee, passed by both chambers and signed by President Trump before becoming law.
