Bill > HR366

This bill amends the Internal Revenue Code of 1986 to direct that taxes collected on fuel produced in the U.S. Virgin Islands and subsequently shipped to the United States will be transferred directly into the treasury of the Virgin Islands. Specifically, the bill adds a new subsection to Section 7652 of the tax code that mandates all taxes collected under section 4081(a) on fuel produced in the Virgin Islands and entered into the United States be "covered over" (transferred) to the Virgin Islands' treasury. The provision will take effect for fuel entered into the United States after December 31, 2024. This change appears designed to provide a direct financial benefit to the Virgin Islands by ensuring that fuel tax revenue generated from locally produced fuel is retained by the territorial government, potentially supporting local economic development and fiscal planning.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/366/all-info