Reinvesting in U.S. Territories, Not Corporations Act

Summary

Reinvesting in U.S. Territories, Not Corporations Act - Amends the Internal Revenue Code to reduce the amount of distilled spirits excise tax revenue returned (covered over) to the treasuries of Puerto Rico or the Virgin Islands by the amount of any unreasonable and excessive rum subsidy paid or incurred by either jurisdiction in an applicable calendar year. Defines "unreasonable and excessive rum subsidy" as the excess, if any, of the aggregate amount of direct and indirect government assistance paid to producers of distilled spirits in Puerto Rico or the Virginia Islands over 10% of the amounts covered over into the treasuries of such jurisdictions in a calendar year.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 15 April 2010

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 15 April 2010

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• Introduced in Senate

  summary · EN · 15 April 2010

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