Tuesday, January 4, 2011

2010 Tax Cuts for RUM Industry

The 2010 extension of the Bush Tax cuts "increased tax rebates to Puerto Rico and the Virgin Islands from a tax on rum imported into the United States. The U.S. imposes a $13.50 per proof-gallon tax on imported rum, and sends most of the proceeds to the two U.S. territories.

Previously, the rebate was $10.50 a gallon. The new law extends a more generous rebate of $13.25 a gallon through 2011. Cost: $262 million."

AP Story

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