A bill to amend the Internal Revenue Code of 1986 to modify the cover over of certain distilled spirits taxes.

The bill amends the Internal Revenue Code to modify how certain distilled spirits taxes are "covered over" to Puerto Rico and the Virgin Islands, primarily by repealing a prior limitation on such transfers and requiring Puerto Rico to transfer a portion of rum tax revenues to the Puerto Rico Conservation Trust Fund. It applies to distilled spirits brought into the United States after December 31, 2021, and includes retroactive application of certain prior tax rule changes. The measure affects tax collection and revenue allocation involving rum imports, Puerto Rico’s treasury, and the Puerto Rico Conservation Trust Fund, which supports conservation and habitat restoration efforts.

AI summary · The lawmakers haven’t published an official summary of this bill yet, so 52 wrote this one from the bill’s text.