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Bill Details

HR.366 - 119th Congress

Track 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.? Stop tracking 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.?

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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.

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.
Status
  1. Introduced
  2. Passed House
  3. Passed Senate
  4. To President
  5. Law
Latest action
2025-01-13 - Referred to the House Committee on Ways and Means.
Introduced Date
2025-01-13
Policy Area
Taxation
Committees
View committees (1)
Votes
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8
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AI Summary This summary was generated by AI from the bill text. AI can get information wrong.

This bill would send certain federal fuel tax money to the Virgin Islands treasury instead of keeping it with the U.S. Treasury. It applies to taxes collected on fuel made in the Virgin Islands and then brought into the United States. The change would start for fuel entered into the United States after December 31, 2024.

  • The bill changes the tax rules for fuel produced in the Virgin Islands and shipped to the United States.
  • Federal taxes collected on that fuel would be “covered over” into the treasury of the Virgin Islands.
  • The new rule would apply only to fuel entered into the United States after December 31, 2024.

Official Summaries

No summaries available

Current Full Text

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 366 Introduced in House (IH)]

<DOC>






119th CONGRESS
  1st Session
                                H. R. 366

 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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 13, 2025

 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 cover into the treasury 
 of the Virgin Islands revenue from tax on fuel produced in the Virgin 
              Islands and entered into the United States.

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

SECTION 1. FUEL TAX COVERED OVER INTO VIRGIN ISLANDS TREASURY.

    (a) In General.--Section 7652 of the Internal Revenue Code of 1986 
is amended by adding at the end the following new subsection:
    ``(j) Shipment of Fuel From the Virgin Islands to the United 
States.--All taxes collected under section 4081(a) on fuel produced in 
the Virgin Islands and entered into the United States from the Virgin 
Islands shall be covered into the treasury of the Virgin Islands.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to fuel entered into the United States after December 31, 2024.
                                 <all>

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