Kentucky's bourbon industry is about to gain an income tax credit. Beginning next year, distilleries can get the credit for state and local property taxes paid on aging barrels of bourbon. Gov. Steve Beshear signed the bill into law Tuesday afternoon.
Under the new law, distilleries are required to invest the tax credit in capital improvements, including construction, renovation, tourism-related facilities and equipment. Last year, the barrel tax generated about $14 million in state and local property taxes.