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US SB1986
Bill
AI Summary
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Extends the temporary increased "cover over" rate for federal excise taxes on distilled spirits produced in Puerto Rico and the Virgin Islands from January 1, 2022 to January 1, 2032
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Amends Section 7652(f)(1) of the Internal Revenue Code of 1986 to implement the 10-year extension
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Applies retroactively to distilled spirits brought into the United States after December 31, 2021
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Cover over payments return a portion of federal rum excise taxes collected on rum produced in these territories back to the territorial governments
Legislative Description
A bill to amend the Internal Revenue Code of 1986 to extend the temporary increase in limitation on the cover over of distilled spirits taxes to Puerto Rico and the Virgin Islands.
Taxation
Last Action
Read twice and referred to the Committee on Finance.
6/9/2025