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.

Bill: 117-hr-1430
Sponsor: full_name: Del. Plaskett, Stacey E. [D-VI-At Large]
Introduced: 2021-02-26
Policy area: Taxation
Subjects: Caribbean area

Energy prices

Oil and gas

Sales and excise taxes

State and local finance

Tax administration and collection, taxpayers

U.S. territories and protectorates

Virgin Islands
Latest action: action_date: 2021-02-26
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-02-26
action_desc: Introduced in House
text: <p>This bill provides for the payment into the treasury of the U.S. Virgin Islands revenue from excise taxes on fuel produced in the Virgin Islands and entered into the United States.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 1430 IN THE HOUSE OF REPRESENTATIVES February 26, 2021 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.

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, 2020.