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Cuomo Signs Tax Break For New York Beer Brewers

(credit: Clipart.com)

(credit: Clipart.com)

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ALBANY, N.Y. (CBSNewYork/AP) — Gov. Andrew Cuomo has signed legislation providing tax credits for small breweries, replacing an excise tax exemption struck down by a lawsuit.

Any brewery that produces 60 million or fewer gallons in New York will be eligible for a refundable tax credit applied against state personal income and business taxes.

The state has more than 90 breweries

The law also establishes a license to allow craft brewers using New York hops to operate like wineries, which can sell products directly from their own retail outlets.

They will be able to sell each other’s products as well.

Farm-based breweries will be able to open restaurants.

The law exempts breweries producing brands of 1,500 barrels or less annually, even breweries outside New York, from the state’s $150 annual brand label fee.

(TM and Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)