Shamong, NJ – Although the bill’s reduction of the corporate tax rate does not directly affect companies setup as LLCs, we are certain that the tax cut and reform bill will create economic stimulation which will have a massive effect on the economy in 2018. So much so, once we were certain this bill was going to pass we issued holiday bonuses to all our hourly employees who have been with our company for 30 days or longer which equaled an average of about 1.5 weeks of payroll for each these employees.
The reduction in the wine excise tax, which was part of the bill, caused us to create a new full-time position. We are proud to announce that we just hired a HR/Compliance Manager. This is a new position which is going to be budgeted through the reduction in wine taxes provided by this bill. This position will ensure our 100% compliance with all federal, state and local regulations and will provide a new valuable resource for our staff.
Additionally, the wine tax reduction has taken away the disincentive to expand. Currently, when a winery reaches a production of 100,000-150,000 gallons the tax rate increases by over 600%. In 2018 this excessive tax ends. This reduction gives our winery a reason to expand our production and grow our company; which will hopefully cause us to hire new employees and add to the south Jersey’s economic growth.
We are grateful to Congressman MacArthur for addressing the concerns of his constituents and ensuring the federal Tax Cut & Reform Bill was the best bill to help the south Jersey economy.
Valenzano Family Winery
1090 Route 206
Shamong, NJ 08088