What is the official ID of this bill?
The official print number for this legislation is HR 1028.
Repealing Tax Limit on Spirits Revenue for Puerto Rico and Virgin Islands.
This bill removes the federal cap on the amount of excise tax collected on distilled spirits that is returned (covered over) to the governments of Puerto Rico and the Virgin Islands. This change ensures these territories receive the full amount of collected taxes, significantly boosting their local budgets. Increased revenue can be used to fund essential public services and infrastructure for residents.
Key points
Full Tax Return: The governments of Puerto Rico and the Virgin Islands will now receive 100% of the federal excise tax collected on spirits imported from their territories.
Increased Local Funding: This provides the territories with higher, more stable revenue streams, which can be used to finance local schools, roads, and other critical public services.
Retroactive Effect: The changes apply to distilled spirits brought into the United States after December 31, 2021.
Status:
Expired
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