Code Section 7652

Code Section	Effective Date	Name of Act	Name of Provision	10yr Revenue Estimate ($millions)
7652(f)	12/31/2011	The American Taxpayer Relief Act of 2012	Extension of temporary increase in limit on cover over of rum excise taxes to Puerto Rico and the Virgin Islands	-222
7652(f)	12/31/2009	The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010	Temporary increase in limit on cover over of rum excise taxes to Puerto Rico and the Virgin Islands	-262

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Extension of temporary increase in limit on cover over of rum excise taxes to Puerto Rico and the Virgin Islands

Explanation of Provision

The provision suspends for two years the $10.50 per proof gallon limitation on the amount of excise taxes on rum covered over to Puerto Rico and the Virgin Islands. Under the provision, the cover over limitation of $13.25 per proof gallon is extended for rum brought into the United States after December 31, 2011 and before January 1, 2014. After December 31, 2013, the cover over amount reverts to $10.50 per proof gallon.

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Temporary increase in limit on cover over of rum excise taxes to Puerto Rico and the Virgin Islands

Explanation of Provision

The provision suspends for two years the $10.50 per proof gallon limitation on the amount of excise taxes on rum covered over to Puerto Rico and the Virgin Islands. Under the provision, the cover over limitation of $13.25 per proof gallon is extended for rum brought into the United States after December 31, 2009 and before January 1, 2012. After December 31, 2011, the cover over amount reverts to $10.50 per proof gallon.

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