The U.S. Senate unanimously passed legislation Monday containing V.I. rum tax provisions.
The Tax Relief Extension Act of 1999 (S. 1792), which contains the territory's rum tax provisions, is one step closer to passage and now goes to the Conference Committee for a vote, said Delegate Donna Christian-Christensen.
Final passage of the bill would lift the cap on rum excise taxes for 18 months retroactive to July 1999. Christensen said she is optimistic about the bill passing because of its recent approval in the Senate Finance Committee and strong support from the White House.
"This is very good news for us," Christensen said. "While the bill's current language would only temporarily lift the cap on rum taxes returned to the territory, it is indeed a victory and an excellent start to having the cap permanently lifted."
The Tax Relief Extension Act of 1999 provides for the extension of a number of tax provisions through Dec. 31, 2000.
