In 2021, congress moved to make the excise tax cuts from the 2017 Craft Beverage Modernization Act (CBMA) permanent moving forward. The new rates on imported beverages give owners the potential to significantly save on their costs if brands are armed with the knowledge on how to pursue them. With a sound understanding of the current federal import regulations, owners can save themselves valuable time and money.
Nathaniel Vicens, Park Street’s CBMA Team Manager, is here to teach owners about the new excise tax guidelines and how to take advantage of them. He’ll break down how the new CBMA regulations compare to standards set in 2017 and how to know if your brand is eligible to pursue them. Vincens even dives into the details on how getting organized with your producer can lend itself to a successful tax credit reduction.
In part two of our series on the Craft Beverage Modernization Act, Vicens discusses the necessary documentation that brands will need in order to apply for tax reductions under CBMA. He covers the criteria needed to qualify for these savings and discusses the requirements for the Assignment Certification, Controlled Group Spreadsheet, and CBMA Spreadsheet.
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