To amend the Internal Revenue Code of 1986 to repeal the limitation on the cover over of distilled spirits taxes to Puerto Rico and the Virgin Islands, and for other purposes.

This bill repeals the limitation on the amount of distilled spirits excise tax covered over (paid) to the treasuries of the U.S. Virgin Islands and the Commonwealth of Puerto Rico.

The bill requires certain amounts of the excise tax paid to the treasury of Puerto Rico to be transferred to the Puerto Rico Conservation Trust Fund.