S. 1986 — A bill to amend the Internal Revenue Code of 1986 to extend the temporary increase in limitation on the cover over of distilled spirits taxes to Puerto Rico and the Virgin Islands.

This section extends the temporary increase on the cover over of distilled spirits taxes to Puerto Rico and the U.S. Virgin Islands through January 1, 2032 (from January 1, 2022). (As background, the cover over provision transfers federal excise taxes collected on rum distilled in those territories back to their treasuries; the temporary increase raised the amount transferred above the prior rate.)