To amend the Internal Revenue Code of 1986 to repeal the limitation on the cover over of distilled spirits taxes to Puerto Rico and the Virgin Islands, and for other purposes.

This bill repeals the limitation on the amount of distilled spirits excise tax covered over (paid) to the treasuries of the U.S. Virgin Islands and the Commonwealth of Puerto Rico.

The bill requires certain amounts of the excise tax paid to the treasury of Puerto Rico to be transferred to the Puerto Rico Conservation Trust Fund.

Bill 117 HR 4642, also known as the "Cover Over Repeal Act," aims to make changes to the Internal Revenue Code of 1986. Specifically, the bill seeks to repeal the limitation on the cover over of distilled spirits taxes to Puerto Rico and the Virgin Islands.

Currently, there is a restriction on the amount of distilled spirits taxes that can be transferred to Puerto Rico and the Virgin Islands. This bill would eliminate that limitation, allowing for a full cover over of these taxes to be allocated to these territories.

In addition to repealing this limitation, the bill also includes provisions for other purposes related to the taxation of distilled spirits in these territories. Overall, the goal of Bill 117 HR 4642 is to provide Puerto Rico and the Virgin Islands with greater flexibility and financial support in regards to the taxation of distilled spirits.