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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.

USA119th CongressHR-366| House 
| Updated: 1/13/2025
Stacey E. Plaskett

Stacey E. Plaskett

Democratic Representative

Virgin Islands

Ways and Means Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
This bill proposes an amendment to the Internal Revenue Code of 1986 , specifically Section 7652, to reallocate certain tax revenues. Its primary purpose is to ensure that all taxes collected on fuel originating from the Virgin Islands are directed to the Virgin Islands' treasury. Under this amendment, taxes levied under Section 4081(a) on fuel that is both produced in the Virgin Islands and subsequently entered into the United States will no longer go to the U.S. Treasury. Instead, these funds will be covered into the treasury of the Virgin Islands, providing a direct revenue stream to the territory. This provision is set to become effective for all fuel entered into the United States after December 31, 2024 .
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Timeline

Bill from Previous Congress

HR 116-4198
To amend the Internal Revenue Code of 1986 to cover into the treasury of the Virgin Islands revenue from tax on gasoline refined in the Virgin Islands and entered into the United States.

Bill from Previous Congress

HR 117-1430
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.

Bill from Previous Congress

HR 118-1035
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.
Jan 13, 2025
Introduced in House
Jan 13, 2025
Referred to the House Committee on Ways and Means.
  • Bill from Previous Congress

    HR 116-4198
    To amend the Internal Revenue Code of 1986 to cover into the treasury of the Virgin Islands revenue from tax on gasoline refined in the Virgin Islands and entered into the United States.


  • Bill from Previous Congress

    HR 117-1430
    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.


  • Bill from Previous Congress

    HR 118-1035
    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.


  • January 13, 2025
    Introduced in House


  • January 13, 2025
    Referred to the House Committee on Ways and Means.

Taxation

Caribbean areaEnergy pricesOil and gasSales and excise taxesState and local financeTax administration and collection, taxpayersU.S. territories and protectoratesVirgin Islands

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.

USA119th CongressHR-366| House 
| Updated: 1/13/2025
This bill proposes an amendment to the Internal Revenue Code of 1986 , specifically Section 7652, to reallocate certain tax revenues. Its primary purpose is to ensure that all taxes collected on fuel originating from the Virgin Islands are directed to the Virgin Islands' treasury. Under this amendment, taxes levied under Section 4081(a) on fuel that is both produced in the Virgin Islands and subsequently entered into the United States will no longer go to the U.S. Treasury. Instead, these funds will be covered into the treasury of the Virgin Islands, providing a direct revenue stream to the territory. This provision is set to become effective for all fuel entered into the United States after December 31, 2024 .
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

HR 116-4198
To amend the Internal Revenue Code of 1986 to cover into the treasury of the Virgin Islands revenue from tax on gasoline refined in the Virgin Islands and entered into the United States.

Bill from Previous Congress

HR 117-1430
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.

Bill from Previous Congress

HR 118-1035
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.
Jan 13, 2025
Introduced in House
Jan 13, 2025
Referred to the House Committee on Ways and Means.
  • Bill from Previous Congress

    HR 116-4198
    To amend the Internal Revenue Code of 1986 to cover into the treasury of the Virgin Islands revenue from tax on gasoline refined in the Virgin Islands and entered into the United States.


  • Bill from Previous Congress

    HR 117-1430
    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.


  • Bill from Previous Congress

    HR 118-1035
    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.


  • January 13, 2025
    Introduced in House


  • January 13, 2025
    Referred to the House Committee on Ways and Means.
Stacey E. Plaskett

Stacey E. Plaskett

Democratic Representative

Virgin Islands

Ways and Means Committee

Taxation

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Caribbean areaEnergy pricesOil and gasSales and excise taxesState and local financeTax administration and collection, taxpayersU.S. territories and protectoratesVirgin Islands