CBMA Passes as Permanent Law
MHW is pleased to report that the CBMA beverage alcohol federal excise tax reduction program has been enacted as permanent law. This has been a three year process with industry trade members working closely with our government (all branches).
There will be some modifications made to the CBMA reduced tax payment process, primarily impacting importers and the tax payment procedures they will need to follow. However, the new payment procedures will not go into effect until 2023. It will include the requirement to pay the higher excise tax and immediately file for refunds. The Treasury Department will be using the next 180 days to formulate the refund system.
The inclusion of the permanent CBMA excise tax reduction program within the COVID Relief Bill is a monumental and historic initiative that will provide significant benefit to beverage alcohol brands going forward.
MHW will continue to provide updates on any developments related to this Bill.