FRANKFORT, Ky. – A decade ago, bourbon barons poured bottles of their precious amber liquid on the Kentucky Capitol steps to protest a looming tax hike. On Wednesday, industry officials stood with lawmakers to cheer another round of growth in the spirits sector.
The cause for celebration was a new study showing Kentucky bourbon flexing more economic clout as it matures, leading a distilled spirits industry that contributes $8.6 billion annually to the state’s economy. Its economic output increased 60 percent in the past decade in Kentucky, where most of the world’s bourbon is crafted.
The sector also pointed to big increases in jobs, capital investment and tax revenue.
“This is a monumental success story,” Rick Robinson, chairman of the Kentucky Distillers’ Association board of directors, said at the statehouse event Wednesday.
FILE- In this April 8, 2009, file a bottle of Maker’s Mark is dipped in the iconic red wax during a tour of the distillery in Loretto, Ky. A decade ago, bourbon barons poured bottles of their precious amber liquid on the Kentucky Capitol steps to protest a looming tax hike. On Wednesday, Feb. 6, 2019, there was a celebration as industry officials stood with lawmakers to cheer another round of growth in the spirits sector. (AP Photo/Ed Reinke, FIle)Industry officials credited Kentucky lawmakers with speeding the momentum by setting a new policy course for the sector. The idea was that lowering the spirits industry’s tax burden at a time when it was growing would increase the flow of tax revenue to the state.