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119-hr-366119th CongressWALLET

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.

Sponsored By: Representative Plaskett, Stacey E. [D-VI-At Large]

Introduced

Summary

Redirects federal fuel-excise tax on Virgin Islands–produced fuel to the Virgin Islands treasury. This bill would require taxes collected under section 4081(a) on fuel made in the U.S. Virgin Islands and entered into the United States to be deposited in the Virgin Islands treasury for shipments entered after December 31, 2024.

Show full summary
  • Virgin Islands government: Provides a new local revenue stream by collecting the federal excise tax on qualifying fuel shipments. This applies only to fuel produced in the Virgin Islands and entered into the United States after 2024-12-31.
  • U.S. Treasury and federal receipts: Those specific excise-tax collections would no longer be deposited in the federal treasury, reducing federal receipts tied to those Virgin Islands fuel shipments.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

Fuel tax money to Virgin Islands

If enacted, federal fuel excise taxes on fuel made in the U.S. Virgin Islands and shipped into the United States would go to the Virgin Islands treasury, not the U.S. Treasury. This would apply to fuel entered after December 31, 2024. Tax rates and who owes the tax would not change; only where the money is deposited.

Sponsors & CoSponsors

Sponsor

Plaskett, Stacey E. [D-VI-At Large]

VI • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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