July 17, 2018

I’LL DRINK TO THAT: Raise a glass to GOP tax cuts! You can literally drink up the benefits.

The festive drink you’ll be holding during your beach vacation might have been produced with the assistance of full business expensing. The provision allows businesses to deduct the full cost of new equipment from their taxes the same year they purchase the equipment. In the past, deductions occurred over a lengthy, multiyear period.

For local breweries, distilleries, and wineries, buying more equipment means growing their business. It also means expanding positive economic impacts to manufacturers who produce barrels, brewing equipment and delivery vehicles.

Jose Mallea, owner of Biscayne Bay Craft Brewery in Miami, quickly took advantage of full business expensing. Following the passage of tax cuts he purchased $100,000 in new equipment and hired two new employees.

Trickle down bubbles up.

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