S 1477
A bill to amend the Internal Revenue Code of 1986 to modify the cover over of certain distilled spirits taxes.
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
This bill modifies how taxes on distilled spirits, particularly rum, are handled between the United States and Puerto Rico. It removes a previous limitation on Puerto Rico and the U.S. Virgin Islands receiving these tax payments. Furthermore, it establishes a requirement for Puerto Rico to transfer a portion of the rum tax revenue – at least $10.50 per proof gallon – to the Puerto Rico Conservation Trust Fund, which supports conservation efforts in the island.
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