A bill to amend the Internal Revenue Code of 1986 to modify the cover over of certain distilled spirits taxes.
Last action on Dec 14, 2021Read twice and referred to the Committee on Finance.
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Summary
This bill repeals the limitation on the cover over (i.e., payment) of taxes on certain distilled spirits into the treasuries of Puerto Rico and the U.S. Virgin Islands. It also requires that certain amounts collected on rum transported to the United States that are covered over be transferred to the Puerto Rico Conservation Trust Fund.
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