Good Vibrations Shoes, Inc. (OTCPink: GVSI) today announced that its recently acquired subsidiary, Long Beard Brewing Company has been awarded the tax exemptions they were seeking from the Riverhead Town Industrial Development Agency.
“This is great news.”, Said Mr. Paul Carlin, the company’s CEO, “We applaud the Riverhead IDA for recognizing how much we will be helping the local economy with our brewery and tasting room, and giving us the tax breaks we were seeking. These breaks will save us thousands of dollars in taxes we would otherwise have to pay, and really help us to grow the business more quickly.”
Although the specifics of the tax breaks granted are not being released at this time, The IDA’s standard tax incentives include exemptions on sales tax, building material used in the construction, mortgage recording tax, and exemptions on a portion of the property tax generated by the improvements made to the project, starting at a 50 percent exemption, and then adding five percent back on per year over 10 years, at which point the company pays full tax.
The 4,000 sqft space the company now occupies is located in an old firehouse built back in the 1930’s, and will include a full scale brewery, as well as a 900 sqft tasting room that will be open to the public. The Long Beard Brewing Company believes this will bring additional tourism to the area due to its historical significance, as well as their unique craft beer recipes. It would appear, based on the recent decision that the Riverhead IDA tends to agree. The tax incentives will help tremendously with the cost of restoring the old firehouse to its former glory, a feature that management feels will make Long Beard’s tasty brews very popular and help to make sure the company’s products are sold anywhere craft brews are enjoyed.
ABOUT GOOD VIBRATIONS SHOES Good Vibrations Shoes operates a wholly owned subsidiary business called Long Beard Brewing Company, which is a “craft brewery” or “micro brewery” based in Long Island, New York. To find out more about the company, please visit its website at http://www.longbeardbrewing.com.
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