Bringing in the New Year 2021 with Hope
NABI Press Release - December 21, 2020
NABI Applauds Permanent Passage of Craft Beverage Modernization Act to Bring in the New Year 2021 with Hope
NABI applauds the Congressional Leadership, Members, and dedicated staff who all worked tirelessly to craft the COVID relief legislation helping individuals and small businesses, among others, to greet the New Year 2021 with hope. Enactment of the Craft Beverage Modernization Act (CBMA) extends permanently the economic benefits that enable importers and producers of wines, distilled spirits, and beer to response to the demands of responsible consumers of these beverage alcohol products. NABI urges the President to sign the bill quickly so the domestic economy continues to be boosted and jobs maintained and increased by importers.
For the past three years, the CBMA tax benefits have proven their value in encouraging and creating employee retention and new hiring expansion as well as the acquisitions of new equipment. These are direct benefits to the United States economy and workers. Sunsetting of these tax benefits would have devastated jobs in the import and production, transportation, retailer outlets, including hospitality, sectors and capital investments in new equipment. All workers in the global and domestic supply chains reap from these benefits.
“Importers have faced even greater challenges this past year in bearing the burden of retaliatory tariffs on wines and spirits from Europe. Retaliatory tariffs are paid directly by importers and indirectly by consumers. Pyramiding the retaliatory tariffs with the loss of the CBMA benefits would have been clamorous in the present economic downturn” said NABI President Robert M. Tobiassen.
Tobiassen added, “While importers face some procedural revisions on refunds, the two-year implementation time, a report mandated from the Treasury Department within 6 months, and the required regulations after notice and comment will enable development of a framework workable for the importer industry, administrable by the Treasury Department, sufficient for the distributors and retailers, and beneficial to consumer choice. A win-win-win aspiration.”
NABI is a nation-wide trade association representing importers of wine, distilled spirits, beer, malt beverages, cider, and mead since 1935. NABI is the “eyes, ears, and voice” for these importers in the Nation’s Capital and the consumers they proudly serve. For further information, please contact NABI at (202) 393-6224 or email@example.com