Kentucky’s manufacturers applaud the General Assembly for approving, and Governor Beshear for signing into law, a tax fairness bill for Kentucky distillers that will eventually eliminate the barrel tax on Bourbon and other distilled spirits produced here.
The legislation, House Bill 5, will phase out an antiquated tax that has been in place for generations. Equally important, HB 5 gives significant consideration to the impacts that the barrel tax phase-out will have on local governments and communities.
This kind of long-term economic development policymaking is the right thing to do for Kentucky’s competitiveness. It will protect and grow jobs in our original signature industry and the many sectors that depend on Bourbon.