Over the course of the past several years, New York has established itself as one of the top producers of craft beverages in the nation. Now, Governor Andrew Cuomo has signed two bills that are designed to foster further growth in what is already a booming industry. If all goes according to plan, this new legislation could encourage other craft beverage companies to set up shop in New York State as well.
The first bill signed by Gov. Cuomo will provide property tax relief to craft beverage companies that plant and grow their own hops. In the past, these companies have received property tax exemptions for a single year, although hops typically take at least a few years to fully mature. Under the terms of the new law, those companies that use at least seven acres of land to grow hops will be eligible to receive tax benefits for up to four years. This could save many breweries thousands of dollars per year while allowing them to develop the best possible hops for their products.
The second, meanwhile, will allow New York companies with farm distillery licenses to work on behalf of members of the public to create custom liquors for them. This could give craft beverage companies the power to invest in new opportunities and manufacture custom wines and spirits for individuals who don’t have licenses to operate in New York. This should, in theory, generate more income for companies and allow them to diversify their businesses with exciting new products.
At outlet liquor, we’re proud to carry a diverse selection of products made right here in New York. Browse our inventory online or stop in today to learn more!