,,ii  #aagth ,,congress  #ast ,session  
,s4 #cchc  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,december #ad1 
#bjba,mr4 ,menendez 7for himself and    
,mr4 ,cassidy7 introduced the following 
bill2 which was read twice and referred 
to the ,committee on ,finance  ,a ,,bill
  ,to amend the ,internal ,revenue ,code
 of #aihf to modify the cover over of   
certain distilled spirits taxes4  #a4   
,cover over of certain distilled spirits
 taxes  7a7 ,repeal of limitation on    
cover over of distilled spirits taxes to
 ,puerto ,rico and ,virgin ,islands     
7#a7 ,in general ,section #gfeb of the  
,internal ,revenue ,code of #aihf is    
amended by striking subsection 7f7 and  
by redesignating subsections 7g71 7h7   
and 7i7 as subsections 7f71 7g71 and 7h7
 respectively4  7#b7 ,effective date    
,the amendments made by this subsection 
shall apply to distilled spirits brought
 into the ,united ,states after         
,december #ca1 #bjba4  7b7 ,required    
transfer to ,puerto ,rico ,conservation 

,trust ,fund of portion of ,puerto ,rico
 rum cover over  7#a7 ,in general       
,section #gfeb7;a7 of the ,internal     
,revenue ,code of #aihf is amended by   
adding at the end the following new     
paragraph3  7#d7 ,required transfer to  
puerto rico conservation trust fund of  
portion of rum taxes covered over  7,a7 
,in general ,from any taxes collected on
 rum transported to the ,united ,states 
that are covered into the treasury of   
,puerto ,rico under paragraph 7#c7 at a 
rate equal to or greater than #aj4ej per
 proof gallon1 ,puerto ,rico shall      
transfer to the ,puerto ,rico           
,conservation ,trust ,fund an amount per
 proof gallon equal to or greater than  
#a_/f of the difference between #aj4ej  
and the rate1 not to exceed #ac4be1 at  
which such taxes are covered into such  
treasury4 ,puerto ,rico's obligations   
under this paragraph shall not modify or
 impair payment priorities established  
under ,puerto ,rico law and in effect on
 ,may #ba1 #bjba4  7,b7 ,puerto ,rico   

conservation trust fund ,for purposes of
 this section1 the term ,puerto ,rico   
,conservation ,trust ,fund means the    
fund established pursuant to a          
,memorandum of ,understanding between   
the ,united ,states ,department of the  
,interior and the ,commonwealth of      
,puerto ,rico1 dated ,december #bd1     
#aifh4  4  7#b7 ,cover over determined  
without regard to certain rate          
reductions ,section #gfeb7;h7 of such   
,code1 as redesignated by subsections   
7a71 is amended by inserting 7a77#d71   
after 7a77#c714  7#c7 ,effective date   
,the amendments made by this subsection 
shall apply to distilled spirits brought
 into the ,united ,states after         
,december #ca1 #bjba4  7c7 ,cover over  
determined without regard to certain    
rate reductions ,notwithstanding section
 #ajg7;a77#c7 of division ,,ee of       
,public ,law #aaf-bfj1 the amendments   
made by section #ajg7;a77#b7 of division
 ,,ee such ,public ,law shall apply to  
distilled spirits brought into the      

,united ,states and removed after       
,december #ca1 #bjag4