Publisher's Synopsis
Excerpt from Present-Law Tax Rules and Proposed Committee Amendment Under S. 712, Puerto Rico Status Referendum Act: Markup Consideration by Senate Committee on Finance on August 1, 1990
Revenues collected from the tax on certain articles coming into the United States from Puerto Rico generally are covered over paid) to the Puerto Rican Treasury. With respect to otherwise eligible excise taxes imposed on articles not containing distilled spirits, revenues are covered over to Puerto Rico only if the cost or value of materials produced in Puerto Rico plus the direct costs of processing Operations performed in Puerto Rico equal at least 50 percent of the value of the article at the time it is brought into the United States (sec. Moreover, no cover over is permitted on such articles if Puerto Rico provides a direct or indirect subsidy with respect to the article which is unlike the subsidies which Puerto Rico generally offers to industries producing articles not subject to Federal excise tax (sec.
With respect to Federal excise taxes imposed on articles containing distilled spirits that are manufactured in Puerto Rico and shipped into the United States, revenues are covered over to the Puerto Rican Treasury only if at least 92 percent of the alcoholic content of such articles is attributable to rum (sec. The amount of excise taxes covered over to Puerto Rico from such articles cannot exceed per proof gallon (sec.
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