ALCOHOL LAW ADVISOR
ALCOHOL LAW ADVISOR
Regulatory and Distribution Law Updates for the Alcohol Industry
ALCOHOL LAW ADVISOR
Regulatory and Distribution Law Updates for the Alcohol Industry
amendments
Subscribe to amendments's Posts

Additional Rum Cover Over for Puerto Rico and the US Virgin Islands Approved in 2018 Budget Legislation

Early this morning, both houses of Congress approved the "Bipartisan Budget Act of 2018," complex legislation that includes important modifications to an arcane law known as the "rum cover over," which is an important revenue source for the Commonwealth of Puerto Rico and the US Virgin Islands (USVI). The temporary excise tax relief provided to distillers in the 2017 federal tax reform law will not diminish the amount of federal excise tax revenue covered over to the treasuries of Puerto Rico and the USVI. The 2017 tax reform law included a two year reduction in the federal distilled spirits excise tax rate from $13.50 per proof gallon to $2.70 per proof gallon on the first 100,000 proof gallons of distilled spirits, and $13.34 per proof gallon on the next 22,130,000 proof gallons produced by each distillery or each controlled group of distilleries. The 2018 Budget Act treats all rum subject to the rum cover over as if it is subject to the full $13.50 per...

Continue Reading

TTB Begins Testing New Version of Permits Online

Alcohol and Tobacco Tax and Trade Bureau (TTB) recently began testing a new version of its Permits Online system. The new interface aims to provide several big improvements for users. Among them: Currently certain types of amendments must be filed individually, forcing industry members to wait for approval of their first amendment to submit their second. The new system should allow for most types of amendments to be bundled together into a single submission thereby reducing wait times; Personal Questionnaires, which are currently filed separately from a permit, will be filed under the same interface as an amendment to add new personnel; and Users can enter company-wide changes once and then populate to all permits held by a company. TTB has not yet released a timeframe for these changes.

Continue Reading

STAY CONNECTED

TOPICS

ARCHIVES