New tax break for Virginia farm wineries

RICHMOND, VA -- The commonwealth's farm wineries now are eligible to get a tax credit for part of the cost of new or upgraded equipment.

The General Assembly approved a state corporate income tax credit available starting in the current tax year. It allows farm wineries and vineyards to get credit for up to 25% of the cost of certain equipment and materials -- from barrels to fertilizer, for example. The credit is capped at $250,000 a year.

Ann Heidig of Lake Anna Winery is president of the Virginia Wineries Association. She told the Fredericksburg Freelance-Star that even such a small tax change is helpful because it can cost up to $15,000 to put in just one new acre of vines and small business loans are difficult to obtain.

"Any help on the part of the government is really a value added to us and to the government," she said.

To Dowd's Guide to American Wine Trails
To Dowd's Spirits Notebook latest entry.
To Dowd's Tasting Notes latest entry.
To Dowd's Brews Notebook latest entry.
Back to Dowd On Drinks home page.

No comments: