Kentucky Distillers Applaud Bourbon Barrel Tax Reinvestment Credit
on 08/04/14 at 11:37 amSpirits
House Bill 445 offers distilleries a corporate income tax credit against the amount of barrel taxes paid, and requires distilleries to reinvest that money into their Kentucky operations, said KDA President Eric Gregory.
Kentucky is the only place in the world that taxes aging barrels of spirits.
“We are appreciative that the General Assembly recognizes our signature bourbon industry as a major economic development engine of the commonwealth,” Gregory said. “This reinvestment tax credit will allow our distilleries to create more jobs and increase investment in the state.
“Plus, it will help us attract more craft distilleries and strengthen Kentucky’s rightful place as the one, true and authentic home for Bourbon and the Kentucky Bourbon Trail experience. We thank the legislature for its hard work and partnership.”