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Tax reform, Amazon will impact food biz

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Amazon and tax reform are going to shake up the food industry in the coming year, according to a survey by Margolin Winer & Evens.

The Garden City-based accounting firm surveyed 101 attendees at Tuesday’s Food + Beverage Biz LI, a Long Island Business News food industry expo.

If tax reform is passed by the end of the year, more than half of attendees (52 percent) said their outlook for revenue growth would improve. Only 15 percent said their outlook would worsen, and 31 percent said it would stay the same.

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Amazon’s acquisition of Whole Foods will impact those companies that do business with the upscale grocery chain. The biggest change, according to 51 percent of respondents, will involve the customers and distribution, followed by the sales structure (37 percent) and SKU structure (10 percent).

Respondents were divided on whether they expected soda taxes to be rolled out within the state in 2018. Half said there will be a soda tax somewhere in New York State by the end of next year, while 48 percent don’t expect it to happen.

Read: Proposed Tax Reform Legislation Released