H.R. 1378 — 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.

H.R. 1378 — 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. | JustPolicyThe main purpose of this legislation is to extend a financial benefit related to taxes on distilled spirits for Puerto Rico and the Virgin Islands. Specifically, it aims to continue a temporary increase in the amount of tax revenue that can be returned to these territories from federal distilled spirits taxes. Key provisions of this legislation include changing the date by which the temporary increase in tax cover over for distilled spirits will expire. The current expiration date of January 1, 2022, is extended to January 1, 2032.