WASHINGTON – In case you missed it, Senator Maggie Hassan wrote an op-ed highlighting the role of craft breweries in New Hampshire’s economy and her successful efforts to extend tax cuts for the craft beverage industry in the recent bipartisan government funding agreement. Senator Hassan recently visited Rockingham Brewing Company in Derry to discuss the importance of supporting craft breweries throughout New Hampshire.
The Senator is also a cosponsor of the bipartisan Craft Beverage Modernization and Tax Reform Act – a bill that would permanently extend the reduction in excise taxes for craft breweries, while also cutting red tape and streamlining outdated, burdensome federal regulations that hold businesses back.
To read Senator Hassan’s op-ed in the Caledonian record, see below or click here.
U.S. Sen. Maggie Hassan: Supporting Craft Breweries Through Bipartisan Tax Relief
Craft breweries embody the entrepreneurial spirit of our state. All across New Hampshire, brewers have built businesses that are driving our economy forward. Not to mention, they’re brewing really great beer that is recognized across the country.
In the Granite State, craft brewing is a growing and thriving sector. In 2011, there were just 15 craft breweries in New Hampshire and as of 2018, there are an estimated 81 craft breweries helping boost our state’s economy. A 2018 study by the Brewers Association found that craft breweries contributed $452 million to the economy of our state.
Our craft breweries help attract tourists with their quality products, they help create good jobs for Granite Staters, and they are also strong members of our communities – helping support various organizations, events, and causes.
Littleton’s Schilling Beer Co. brews beer that is distributed in New Hampshire, throughout New England, and beyond. And they also do their part to help those in need. In 2018, when communities in Northern California were devastated by wildfires, Schilling joined with breweries across the country to help brew the Resilience Butte Country Proud IPA – dedicating all the proceeds to relief efforts. They also played a vital role in the effort by lending their trademarked name of “Resilience” to the cause. For their focus on philanthropy, I was proud to name Schilling Beer Co. as the December 2018 Granite Staters of the Month.
One of my top priorities in the Senate is promoting entrepreneurship and supporting small businesses, including of course, craft breweries.
To help strengthen the craft brewing industry, the recent bipartisan government funding agreement included a provision that I’ve supported to extend essential tax cuts for the craft beverage industry. This provision will reduce excise taxes for brewers through this year, providing them with more cash flow to invest in their business and continue to grow.
These tax cuts for brewers are a strong step forward, and as a member of the Senate Finance Committee, which handles tax policy, I remain focused on giving businesses more certainty.
As part of those efforts, I am continuing to work to pass the bipartisan Craft Beverage Modernization and Tax Reform Act – a bill that would permanently extend the reduction in excise taxes for craft breweries, while also cutting red tape and streamlining outdated, burdensome federal regulations that hold businesses back. This legislation is exactly the type of commonsense proposal that would provide small businesses with some important relief, and it has broad, bipartisan support in the Senate.
Our economy greatly benefits when craft breweries are thriving and creating jobs in communities across our state. I’ll continue working with members of both parties to find bipartisan solutions that help all of New Hampshire’s small businesses grow and thrive.