Bill 119 HR 366, also known as the "Virgin Islands Fuel Tax Fairness Act," aims to amend the Internal Revenue Code of 1986 to ensure that revenue from taxes on fuel produced in the Virgin Islands and imported into the United States is properly collected and deposited into the treasury of the Virgin Islands.
The bill seeks to address a discrepancy in the current tax system that allows for fuel produced in the Virgin Islands to be imported into the United States without the appropriate taxes being collected and distributed to the Virgin Islands government. This loophole has resulted in a loss of revenue for the Virgin Islands, which relies heavily on fuel taxes to fund essential services and infrastructure projects.
By closing this loophole and ensuring that all taxes on fuel produced in the Virgin Islands are properly collected and deposited into the treasury of the Virgin Islands, the bill aims to promote fairness and accountability in the tax system. This will help to ensure that the Virgin Islands government has the necessary resources to meet the needs of its residents and maintain its infrastructure.
Overall, Bill 119 HR 366 is a targeted legislative effort to address a specific issue related to fuel taxes in the Virgin Islands and ensure that the appropriate revenue is collected and distributed in a fair and transparent manner.