BLOOMFIELD, Conn. (WTIC Radio)—Connecticut is hoping to bring more success to its craft brewery industry with a 16.7% tax reduction on beer.
The tax cut, according to Governor Ned Lamont, was included in the state budget to support local craft breweries and to boost Connecticut's competitiveness in the ever-growing industry.
"We're making real progress in becoming a business-friendly state," Lamont said.
However, a $2 million revenue loss is anticipated from the tax decrease, state officials said.
Connecticut will benefit from the increased economic and workforce activity that will come with the tax reduction, regardless of the dollars lost, Lamont said.
According to a report from the National Beer Wholesalers Association, Connecticut's beer industry yields $2.9 billion in total economic output and supports over 17,800 jobs ranging from brewing to distributing to retail jobs.
With the tax cut, the current $7.20 per barrel (31 gallons) will reduce to $6.00 per barrel, state officials said.
The tax reduction is set to take effect on July 1, 2023.
Lamont encourages residents to support locally-owned craft breweries with the Connecticut Beer Trail.
Related
