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.
Summary
HB366 would amend section 7652 of the Internal Revenue Code to require that federal taxes collected under section 4081(a) on fuel produced in the Virgin Islands and shipped into the United States be covered into the treasury of the Virgin Islands. In practical terms, the bill redirects the destination of those fuel tax revenues from the federal treasury to the Virgin Islands treasury for qualifying fuel shipments.
The bill applies prospectively to fuel entered into the United States after December 31, 2024. It is a targeted tax-revenue measure focused on the fiscal relationship between the federal government and the Virgin Islands, and it would affect the allocation of excise tax receipts tied to fuel produced in the territory.
Impact
If enacted, the bill would amend federal tax law by adding a new subsection to Internal Revenue Code section 7652. The change would alter how certain fuel excise tax revenues are credited, directing them to the Virgin Islands treasury rather than the federal treasury for fuel produced in the Virgin Islands and imported into the United States after the effective date. The primary affected parties would be the Virgin Islands government, federal tax administrators, and fuel producers/importers involved in Virgin Islands-origin fuel shipments.
Sentiment
There is no recorded committee transcript or vote history in the provided materials, so no direct debate or opposition is documented. Based on the bill’s narrow fiscal purpose and its referral to the House Committee on Ways and Means, the measure appears to be a technical tax-revenue adjustment rather than a broadly controversial policy proposal. The available record does not show any formal support or opposition statements.
Contention
No specific points of contention are documented in the provided context. Potential issues, if raised in future debate, would likely concern federal revenue loss, the proper allocation of excise tax receipts, and the fiscal benefit to the Virgin Islands. However, the materials provided do not identify any member, committee, or stakeholder taking a position for or against the bill.
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