To amend the Internal Revenue Code of 1986 to cover into the treasury of the Virgin Islands revenue from tax on fuel produced in the Virgin Islands and entered into the United States.

This legislation aims to amend the Internal Revenue Code to change how tax revenue from fuel is handled. Specifically, it proposes that federal taxes collected on fuel produced within the U.S. Virgin Islands and brought into the United States would be transferred, or covered over, into the treasury of the Virgin Islands rather than remaining in the general U.S. Treasury. This mechanism is similar to existing arrangements for other products like rum, where federal excise taxes are returned to the territory to support its local budget and infrastructure.

If enacted, the bill would provide a new source of dedicated funding for the U.S. Virgin Islands government. For everyday citizens in the territory, this could mean increased local revenue for public services, schools, or roads without raising local taxes. For citizens on the mainland, the bill represents a shift in how federal tax dollars from specific energy products are allocated, prioritizing the economic development of the territory where the fuel was manufactured.