A Good Day for Rum
SEC. 308. INCREASE IN LIMIT ON COVER OVER OF RUM EXCISE TAX TO PUERTO RICO AND THE VIRGIN ISLANDS.
(a) In General.–Paragraph (1) of section 7652(f) is amended by striking “January 1, 2008” and inserting “January 1, 2010”.
(b) Effective Date.–The amendment made by this section shall apply to distilled spirits brought into the United States after December 31, 2007.
This change extends the limit on taxation of rum from Puerto Rico and the United States Virgin Islands to a maximum of $13.50 per gallon. Figuring that out was not an easy process, requiring looking from the bill’s amendments, to to the original text thereof, and finally to the internal revenue code being referenced.