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A bill to amend the Internal Revenue Code of 1986 to modify the cover over of certain distilled spirits taxes.
12/15/2023, 4:07 PM
Summary of Bill S 1477
Bill 118 s 1477, also known as the "Distilled Spirits Tax Reform Act," aims to make changes to the Internal Revenue Code of 1986 in order to adjust the cover over of certain distilled spirits taxes. The bill seeks to modify the way in which taxes on distilled spirits are collected and distributed.
Specifically, the bill proposes changes to the way in which taxes on distilled spirits are allocated to states and local governments. Currently, a portion of these taxes is returned to the states in which the spirits are produced, known as the "cover over" amount. The bill aims to adjust the formula used to calculate this cover over amount in order to better reflect the current market conditions and ensure that states are receiving a fair share of the tax revenue.
The bill has garnered support from both Democrats and Republicans in Congress, who believe that these changes will help to streamline the tax collection process and ensure that states are receiving their fair share of tax revenue from the sale of distilled spirits. Proponents of the bill argue that these changes are necessary in order to modernize the tax code and ensure that it is fair and equitable for all parties involved. Overall, Bill 118 s 1477 represents an effort to make important changes to the way in which taxes on distilled spirits are collected and distributed. Supporters of the bill believe that these changes are necessary in order to ensure that states are receiving their fair share of tax revenue and that the tax code is reflective of current market conditions.
Specifically, the bill proposes changes to the way in which taxes on distilled spirits are allocated to states and local governments. Currently, a portion of these taxes is returned to the states in which the spirits are produced, known as the "cover over" amount. The bill aims to adjust the formula used to calculate this cover over amount in order to better reflect the current market conditions and ensure that states are receiving a fair share of the tax revenue.
The bill has garnered support from both Democrats and Republicans in Congress, who believe that these changes will help to streamline the tax collection process and ensure that states are receiving their fair share of tax revenue from the sale of distilled spirits. Proponents of the bill argue that these changes are necessary in order to modernize the tax code and ensure that it is fair and equitable for all parties involved. Overall, Bill 118 s 1477 represents an effort to make important changes to the way in which taxes on distilled spirits are collected and distributed. Supporters of the bill believe that these changes are necessary in order to ensure that states are receiving their fair share of tax revenue and that the tax code is reflective of current market conditions.
Congressional Summary of S 1477
This bill repeals the limitation on the cover over (payment) of distilled spirits excise taxes to the treasuries of Puerto Rico and the U.S. Virgin Islands. It also requires the transfer of a portion of the tax revenues to the Puerto Rico Conservation Trust Fund.
Current Status of Bill S 1477
Bill S 1477 is currently in the status of Bill Introduced since May 9, 2023. Bill S 1477 was introduced during Congress 118 and was introduced to the Senate on May 9, 2023. Bill S 1477's most recent activity was Read twice and referred to the Committee on Finance. as of May 9, 2023
Bipartisan Support of Bill S 1477
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 1477
Primary Policy Focus
TaxationComments
Sponsors and Cosponsors of S 1477
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