A bill 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.

Bill: 119-s-1986
Sponsor: full_name: Sen. Cassidy, Bill [R-LA]
Introduced: 2025-06-09
Policy area: Taxation
Latest action: action_date: 2025-06-09
text: Read twice and referred to the Committee on Finance.

Summaries:

tv_txt: II 119th CONGRESS 1st Session S. 1986 IN THE SENATE OF THE UNITED STATES June 9, 2025 Mr. Cassidy 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 extend the temporary increase in limitation on the cover over of distilled spirits taxes to Puerto Rico and the Virgin Islands.

1. Extension of temporary increase on cover over of distilled spirits taxes to Puerto Rico and Virgin Islands (a) In general Section 7652(f)(1) of the Internal Revenue Code of 1986 is amended by striking January 1, 2022 and inserting January 1, 2032 . (b) Effective date The amendments made by this section shall apply to distilled spirits brought into the United States after December 31, 2021.