NM Senate Votes To Cut Taxes For Microbreweries
The New Mexico Senate has voted to cut taxes on microbreweries.
The bill is sponsored by Sandia Park Republican Sen. Sue Wilson Beffort, who says it is designed to not only expand the microbrewery business in New Mexico but help rural downtown areas like Moriarty that have breweries that draw tourists. The bill would eliminate a tax increase on businesses that produce more than 5,000 barrels a year.
Currently, Wilson Beffort says microbreweries that make less than 5,000 barrels a year pay eight cents tax per barrel. But that tax rises to 41 cents a barrel when production exceeds 5,000 barrels. The bill would hold the tax rate to eight cents a barrel for production of up to 15,000 barrels.
Wilson Beffort says the state currently has 30 microbreweries or micro pubs and 5 packaging breweries.
Copyright 2013 The Associated Press.