Ithaca Beer Co.

Sen. Schumer stops by Ithaca Beer

SCHUMER TO ANNOUNCE SUPPORT FOR BILL THAT WOULD CUT EXCISE TAX ON SMALL BREWERIES ACROSS UPSTATE NEW YORK BY 50% – BILL WILL HELP ITHACA BEER COMPANY EXPAND THEIR BUSINESS Legislation Will Allow Small Breweries To Fully Tap Their Business Potential Beer Industry Supports Nearly 60,000 Jobs In NY Cutting Taxes On 65 Small Brewing Operations Will Allow Small Breweries Across New York State To Hire More Employees, Expand Their Business Schumer: BEER Act Will Help Breweries Create Jobs, Revitalize Downtown Communities Tomorrow, Thursday, February 24, 2011 at 2:45 PM, at Ithaca Beer Company, U.S. Senator Charles E. Schumer will announce that he is joining more than 20 bipartisan colleagues to introduce legislation that will cut the excise tax on small breweries in half, helping brewers across New York reinvest in their business, hire new employees, and revitalize downtown communities. Currently, brewers pay a $7 excise tax for the first 60,000 barrels they brew per year. Under the BEER Act that Schumer will introduce, that rate is slashed to $3.50 per barrel, resulting in potential savings of $210,000 per year for the brewery. The bill also cuts the tax by $2 on the next 1, 940,000 barrels produced, resulting in potential savings of $3,880,000 each year. This totals over $4 million in potential annual savings for these brewers. Allowing small breweries to reinvest in their companies is good for the surrounding communities, as many build state of the art structures or renovate existing buildings, preventing blight and creating good-paying jobs. Standing at Ithaca Beer Company, Schumer will be joined by brewery Owner Dan Mitchell, and employees as he announces support of the new legislation.
DATE: Thursday, February 24, 2011 TIME: 2:45 PM PLACE: Ithaca Beer Company 606 Elmira Rd. Ithaca, NY 14850

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