This bill amends the Internal Revenue Code of 1986, specifically Section 7652, to modify the cover over of certain distilled spirits taxes. It repeals the existing limitation on the amount of distilled spirits taxes that are covered over to the treasuries of Puerto Rico and the Virgin Islands. This change aims to increase the tax revenue returned to these territories from spirits produced there and sold in the United States, with an effective date for articles brought into the U.S. after December 31, 2021. Additionally, the legislation introduces a new requirement for Puerto Rico, mandating the transfer of a portion of its rum cover-over funds to the Puerto Rico Conservation Trust Fund . This transfer is triggered when the cover-over rate for rum reaches or exceeds $10.50 per proof gallon, with the amount based on a fraction of the difference between $10.50 and the actual rate. The Conservation Trust Fund, established in 1968, is dedicated to conserving natural areas in Puerto Rico, including through sustainable agriculture and habitat restoration efforts, and this provision also applies retroactively from December 31, 2021.