As Tennessee legislators are in the middle of a used barrel fight, Kentucky lawmakers are taking concrete steps to improve the commonwealth’s cherished bourbon whiskey industry.
On mars 31, Kentucky passed House Bill 445, which allowed distillers a corporate income tax credit for the ad valorem barrel taxes paid on aging whiskey. According to the Kentucky Distillers Association, distilleries pay $13 million a year in barrel taxes.
Although ad valorem taxes—“according to value,” usually a tax on real estate or property—on Kentucky distilled spirits have existed off and on since 1906, the current system has been in place since 1990,...
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