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HR 1378119th CongressIntroduced
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.
Introduced: Oct 28, 2025
Standard Summary
Comprehensive overview in 1-2 paragraphs
Extends the temporary increase in distilled spirits tax cover-over limitation to Puerto Rico and the Virgin Islands.
Key Points
- 1Amends IRC Section 7652(f)(1) to extend deadline from 2022 to 2032
- 2Applies to distilled spirits brought into the US after December 31, 2021
- 3Benefits US territories' distilled spirits industry
- 4Maintains tax revenue allocation to territories
- 5Supports economic development in Puerto Rico and Virgin Islands
Impact Areas
Distilled spirits industryPuerto Rico economyVirgin Islands economyFederal tax policyUS territories
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