S. 1986 — 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.

S. 1986 — 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. | JustPolicyThe main purpose of this legislation is to extend a temporary tax benefit related to distilled spirits for Puerto Rico and the Virgin Islands. Specifically, it aims to continue a higher limit on the amount of distilled spirits tax that can be returned, or "covered over," to these territories. This extension is intended to support the local economies of Puerto Rico and the Virgin Islands by providing them with additional revenue from these taxes.