(Brooklyn, NY) – BeerPulse received comment from Brooklyn Brewery Co-Founder and President, Steve Hindy, on Wednesday afternoon regarding the recent ruling in New York that ends certain tax exemptions for in-state companies. Hindy did not respond to comments made from Shelton Brothers regarding Brooklyn Brewery on Tuesday.
“The NYS ruling is a body blow to our business and the 90 other small breweries in the state. It will cost Brooklyn Brewery $500K this coming year.
We are talking with legislators about ways to mitigate the impact of the ruling. I believe the intent of the tax exemption was to encourage investment in the state’s brewing industry, and it clearly has worked. The intent was not to favor in state breweries over out of state breweries.
There should be a way to achieve this without running afoul of the Constitution. New Jersey, for instance, offers a tax credit for investment in NJ based breweries. Maybe New York can do something similar.
We just invested $12 million in our brewery in Brooklyn. I think NY legislators will want to insure that NY brewers continue to invest in New York.”