The U.S. Treasury Department’s Alcohol and Tobacco Tax and Trade Bureau (TTB) today issued a release about the temporary reduced tax rates and tax credits originally made available by the Craft Beverage Modernization Act (CBMA) provisions of the 2017 tax law (Pub. L. No. 115-97), the law that is commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), that are now permanent.
The Consolidated Appropriations Act, 2021 (enacted December 27, 2020) made permanent most CBMA provisions of the TCJA. Read TaxNewsFlash
As noted in today’s TTB release, in addition to making permanent the CBMA provisions of the TCJA, recent amendments to the Internal Revenue Code included several changes to those provisions—some have an effective date of January 1, 2021, and others are effective in 2022 or 2023.
The temporary CBMA provisions that are now permanent include:
Key changes made to earlier CBMA provisions include:
For more information, contact a tax professional with KPMG’s Excise Tax Practice group:
Taylor Cortright | +1 (202) 533 6188 | firstname.lastname@example.org
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