CBMA Tax Benefit for European Wineries
The Craft Beverage Modernization Act (CBMA) provisions provide for reduced rates or tax credits for beer, wine, and distilled spirits produced in or imported into the United States. These CBMA tax benefits are limited in quantity for each producer, including foreign producers. Foreign producers utilize these CBMA tax benefits by assigning them to U.S. importers of their products. U.S. importers pay the Federal excise tax on imported beer, wine, and distilled spirits, and must receive an assignment of the CBMA tax benefits from the foreign producer to take advantage of the CBMA tax benefits. Starting in 2023, the Alcohol and [...]