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Bill Details

HR.1378 - 119th Congress

Track 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.? Stop tracking 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.?

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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.

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.
Status
  1. Introduced
  2. Passed House
  3. Passed Senate
  4. To President
  5. Law
Latest action
2025-02-14 - Referred to the House Committee on Ways and Means.
Introduced Date
2025-02-14
Policy Area
Taxation
Committees
View committees (1)
Votes
View all votes for this bill →
7
0

AI Summary This summary was generated by AI from the bill text. AI can get information wrong.

This bill would extend a tax benefit for Puerto Rico and the U.S. Virgin Islands related to distilled spirits, such as rum. Under current law, a certain share of federal taxes collected on these spirits is returned to those territories. The bill would keep that higher payment limit in place for a longer time, through January 1, 2032 instead of ending on January 1, 2022. It would also make the change apply to spirits brought into the United States after December 31, 2021.

  • It keeps the higher limit on returning federal distilled spirits tax revenue to Puerto Rico and the U.S. Virgin Islands.
  • The expiration date would move from January 1, 2022, to January 1, 2032.
  • The change would apply to distilled spirits brought into the United States after December 31, 2021.

Official Summaries

No summaries available

Current Full Text

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1378 Introduced in House (IH)]

<DOC>






119th CONGRESS
  1st Session
                                H. R. 1378

  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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 14, 2025

Mr. Estes (for himself and Ms. Plaskett) introduced the following bill; 
         which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EXTENSION OF TEMPORARY INCREASE ON COVER OVER OF DISTILLED 
              SPIRITS TAXES TO PUERTO RICO AND VIRGIN ISLANDS.

    (a) In General.--Section 7652(f)(1) of the Internal Revenue Code of 
1986 is amended by striking ``January 1, 2022'' and inserting ``January 
1, 2032''.
    (b) Effective Date.--The amendments made by this subsection shall 
apply to distilled spirits brought into the United States after 
December 31, 2021.
                                 <all>

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