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September 7, 2013

Schumer, Owens tout tax cuts for small breweries

(Continued)

LAKE PLACID —

Friday, he told the federal lawmakers that the brewery has made 80 kinds of beer over the past 17 years.

“It’s kind of surreal,” Ericson said in discussing the proposed new legislation with Schumer and Owens. “I got a brew kit for college graduation, now I’m standing here on the deck with a senator and a congressman.”

REINVEST

The Lake Placid businessman said he would put the tax savings back into the business. And for his company, $4,000 in tax cuts would be about the cost of a new brew tank.

“That would allow one more brew time per week,” Ericson said, which would then add to his workforce.

The Lake Placid Pub and Brewery expanded brewing capacity by 60 percent and added 20 jobs in the past year.

Schumer said this type of federal tax cut is critical to allowing small businesses to grow.

“And the craft-brew industry is one of the fastest-growing industries in New York. This is one of the great ones, right here in Lake Placid.”

The senator reported that New York is now among the top five craft-beer-making states in the United States, and farms are beginning to grow hops to support the industry.

Harvard University predicts the Small BREW Act would generate $153 million per year in economic growth in the brew industry in its first year nationwide, Schumer said, and some $865 million additional growth through the first five years.

When introduced to the Senate on May 9 this year, remarks with the bill indicate “the small brewer threshold and tax rate were established in 1976 and have never been updated. Since then, the annual production of the largest U.S. brewery has increased from 45 million barrels to 105 million barrels,” according to the Congressional Record.

BIPARTISAN

Owens co-sponsored the House version of the bill (H.R. 494) with Rep. Jim Gerlach, a Republican from Pennsylvania.

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