Tax reform benefits Spokane distillery
SPOKANE, Wash. — A Spokane distillery is already reaping the benefits of the nation’s first tax overhaul in more than 30 years.
The reform that went into effect January 1, 2018 is helping Dry Fly Distilling save some money that the company is using to pump right back into a planned expansion, special projects, and other additions.
The Craft Beverage Modernization and Tax Reform Act reduced the federal excise tax on distilled spirits producers. Dry Fly Distilling owner Don Poffenroth said the change has saved Dry Fly about $1.50 on every bottle, which cuts down production costs.
“Now that $1.50 really is allowing us to add additional personnel, to put more money back into our plant and then we are embarking on a fairly aggressive expansion plan as well. So, we are going to build a new facility. So, we are 100% reinvesting kind of everything we get out of that,” Poffenroth said.
That saved money also can go toward special projects, like the Dry Fly Single Malt Whiskey, which has been aged for the last ten years.
— Ariana Lake (@arianaKXLY) February 16, 2018
“It represents kind of our fly fishing theme of patients, persistence, precision, art, and grace. It’s all that in one bottle,” Poffenroth said.
The whiskey was the first spirit made in Washington since the end of Prohibition. The total release is about 116 bottles selling for a retail of $149.95. The distillery opens at noon Saturday and Poffenroth expects people to start lining up hours before that.
COPYRIGHT 2020 BY KXLY. ALL RIGHTS RESERVED. THIS MATERIAL MAY NOT BE PUBLISHED, BROADCAST, REWRITTEN OR REDISTRIBUTED.