The U.S. Senate unanimously on Monday passed legislation containing V.I. rum tax provisions.
The legislation, the Tax Relief Extension Act of 1999 (S. 1792), is now one step closer to passage. Next, it will go to the Conference Committee for a vote, said Delegate Donna Christian Christensen.
The bill would retroactively lift the cap on rum revenues for 18 months, from July 1999.
Christensen said she was optimistic about its passage because of 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.
