H.R. 366 — 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.

H.R. 366 — 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. | JustPolicyThe main purpose of this legislation is to ensure that revenue generated from taxes on fuel produced in the Virgin Islands and shipped to the United States is directed to the treasury of the Virgin Islands. This aims to provide financial support to the territory, allowing it to better manage its resources and fund local initiatives. Key provisions of the legislation include an amendment to the Internal Revenue Code, specifically adding a new rule that mandates all taxes collected on fuel produced in the Virgin Islands and imported into the U.S. be transferred to the Virgin Islands treasury.