24 Nov US Confirms Permanent Tax Credit Rules For Imported Craft Beverages
The US Alcohol and Tobacco Tax and Trade Bureau (TTB) has finalised a rule making permanent the system that allows foreign producers to assign excise tax benefits to importers under the Craft Beverage Modernisation Act (CBMA), effective as of the end of October. It also confirms that only the producer of the distilled spirits, wine or beer may assign the tax benefits.
This change provides greater regulatory stability for importers who rely on these benefits to manage costs, while also granting foreign producers a few additional months to submit tax benefit assignments by rescheduling the deadline from end-December to end-March.
The regulatory update comes as the US drinks sector faces growing pressure from potential trade barriers, with a 15% tariff on European Union goods potentially reducing alcohol sales by nearly US$2 billion and threatening 25,000 American jobs, as discussed in our previous newsletter.
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