116TH CONGRESS
II 116TH CONGRESS 1ST SESSION S. 3101 To amend the Internal Revenue Code of 1986 to repeal the limitation on the cover over of distilled spirits taxes to Puerto Rico and the Virgin Islands and to transfer a portion of such cover over to the Puerto Rico Conservation Trust Fund. IN THE SENATE OF THE UNITED STATES DECEMBER 18, 2019 Mr. MENENDEZ (for himself and Mr. CRAPO) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to repeal the limitation on the cover over of distilled spirits taxes to Puerto Rico and the Virgin Islands and to transfer a portion of such cover over to the Puerto Rico Conserva- tion Trust Fund. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. REPEAL OF LIMITATION ON COVER OVER OF 3 DISTILLED SPIRITS TAXES TO PUERTO RICO 4 AND THE VIRGIN ISLANDS. …
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II 116TH CONGRESS 1ST SESSION S. 3101 To amend the Internal Revenue Code of 1986 to repeal the limitation on the cover over of distilled spirits taxes to Puerto Rico and the Virgin Islands and to transfer a portion of such cover over to the Puerto Rico Conservation Trust Fund. IN THE SENATE OF THE UNITED STATES DECEMBER 18, 2019 Mr. MENENDEZ (for himself and Mr. CRAPO) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to repeal the limitation on the cover over of distilled spirits taxes to Puerto Rico and the Virgin Islands and to transfer a portion of such cover over to the Puerto Rico Conserva- tion Trust Fund. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. REPEAL OF LIMITATION ON COVER OVER OF 3 DISTILLED SPIRITS TAXES TO PUERTO RICO 4 AND THE VIRGIN ISLANDS. 5 (a) IN GENERAL.—Section 7652 of the Internal Rev- 6 enue Code of 1986 is amended by striking subsection (f) 7 VerDate Sep 11 2014 22:32 Jan 06, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S3101.IS S3101 2 •S 3101 IS and by redesignating subsections (g) and (h) as sub- 1 sections (f) and (g), respectively. 2 (b) EFFECTIVE DATE.—The amendments made by 3 this section shall apply to distilled spirits brought into the 4 United States after December 31, 2018. 5 SEC. 2. TRANSFER TO PUERTO RICO CONSERVATION 6 TRUST FUND OF PORTION OF PUERTO RICO 7 RUM COVER OVER. 8 (a) IN GENERAL.—Section 7652(e) of the Internal 9 Revenue Code of 1986 is amended by redesignating para- 10 graphs (3), (4), and (5) as paragraphs (4), (5), and (6), 11 respectively, and by inserting after paragraph (2) the fol- 12 lowing new paragraph: 13 ‘‘(2) TRANSFER TO PUERTO RICO CONSERVA- 14 TION TRUST FUND OF PORTION OF RUM COVER 15 OVER.— 16 ‘‘(A) IN GENERAL.—From any amount 17 otherwise required to be covered over to the 18 treasury of Puerto Rico under this section with 19 respect to taxes collected on rum under section 20 5001(a)(1) or subsection (a), the Secretary of 21 the Treasury shall transfer to the Puerto Rico 22 Conservation Trust Fund an amount equal to 23 $0.46 per proof gallon of rum to which such 24 cover over is attributable. Any amount trans- 25 VerDate Sep 11 2014 22:48 Dec 21, 2019 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S3101.IS S3101 3 •S 3101 IS ferred under the preceding sentence shall be 1 treated for purposes of this section (other than 2 this paragraph) as having been covered over to 3 the treasury of Puerto Rico. 4 ‘‘(B) PUERTO RICO CONSERVATION TRUST 5 FUND.—For purposes of this section, the term 6 ‘Puerto Rico Conservation Trust Fund’ means 7 the fund established pursuant to a Memo- 8 randum of Understanding between the United 9 States Department of the Interior and the 10 Commonwealth of Puerto Rico, dated December 11 24, 1968.’’. 12 (b) EFFECTIVE DATE.—The amendments made by 13 this section shall apply to rum brought into the United 14 States after December 31, 2018. 15 Æ VerDate Sep 11 2014 22:48 Dec 21, 2019 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\S3101.IS S3101