Congress Passes Permanent FET Reduction

Dear Client:  Ending the year on some positive news: last night, legislators passed the Craft Beverage Modernization and Tax Reform Act as part of the year-end omnibus bill and COVID relief package. The best part? It's not just another one-year extension, CBMTRA (and the federal excise tax reductions included in it) will be made permanent. You'll recall, the CBMTRA: Reduces distillers' tax rate from $13.50 to $2.70 for the first 100,000 proof gallons.Allows wineries to claim a credit between $.535 and