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Wine Excise Taxes Cut as House and Senate Pass Tax Reform Legislation

December 20, 2017

Included is legislation reducing excise tax payments for every winery in the country by expanding the value of the existing producer credit and doing away with a phase-out that prohibits many wineries from receiving any benefit. Among other changes in the tax legislation expected to benefit wineries: modifications to the estate tax; pass-through tax provisions for LLC's and partnerships; leaving the tax treatment for LIFO, or last in, first out inventory accounting, untouched; and immediate first year expensing for capital improvements, a five year provision that will appeal to wineries interested in expanding their crush pads or purchasing new farm equipment ...