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.
Source: Congress.gov ·
292 words in original text
What This Bill Does
This bill changes which government receives tax money from fuel. Right now, fuel taxes go to the federal government. This bill says that taxes on fuel produced in the Virgin Islands and shipped to the United States should go to the Virgin Islands government instead.
Who It Affects
The Virgin Islands government will receive the tax revenue. Fuel producers in the Virgin Islands shipping fuel to the United States are affected. The federal government will receive less revenue from these specific fuel taxes.
Key Provisions
• All taxes collected on fuel produced in the Virgin Islands and entered into the United States must go into the Virgin Islands treasury instead of the federal treasury (Sec. 1(a))
What Changes
If this bill becomes law, the Virgin Islands government will receive fuel tax revenue that currently goes to the federal government. This applies only to fuel made in the Virgin Islands that is shipped to the United States.
Important Definitions
The bill does not explicitly define any terms. It references "fuel" and "section 4081(a)" taxes but does not provide plain English definitions of these terms in the bill text.
Effective Date
This change applies to fuel entered into the United States after December 31, 2022. (Sec. 1(b))
Important: This plain English summary was generated by AI and is provided for informational purposes only.
It is not legal advice. Always consult the official bill text on Congress.gov
or a qualified attorney for legal matters.