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.

Bill 118 hr 1035, also known as the "Virgin Islands Fuel Tax Revenue Act," aims to make changes to the Internal Revenue Code of 1986. Specifically, the bill proposes that revenue generated from taxes on fuel produced in the Virgin Islands and imported into the United States be deposited into the treasury of the Virgin Islands.

Currently, revenue from these fuel taxes is not allocated to the Virgin Islands, despite the fact that the fuel is produced within their jurisdiction. This bill seeks to rectify this discrepancy by ensuring that the Virgin Islands receive the appropriate revenue from these taxes.

By amending the Internal Revenue Code in this way, the bill aims to provide the Virgin Islands with a source of revenue that is rightfully theirs. This could have significant implications for the economy and infrastructure of the Virgin Islands, as they would have access to additional funds that could be used for various projects and initiatives. Overall, the "Virgin Islands Fuel Tax Revenue Act" is a straightforward and non-controversial bill that seeks to address a specific issue regarding the allocation of tax revenue. If passed, it could have a positive impact on the financial stability of the Virgin Islands and help support their ongoing development and growth.