The U.S. government permanently increased the rum taxes supporting bonds from the U.S. Virgin Islands’ Special Purpose Securitization Corp. and contingent vehicle instruments connected to Puerto Rico central government bonds.
The increase to $13.25 per proof gallon of rum from $10.50 was in the “One Big Beautiful Bill” President Trump signed on Independence Day.
U.S. Sen. Mike Crapo, R-Idaho, helped add the measure to the bill.
The USVI’s SPSC sold the bonds in 2022 with the assumption the tax rate would be $13.25. USVI Del. Stacey Plaskett worked unsuccessfully since then to get Congress to increase the rate permanently.
If the tax was held at the $10.50 level, it would cost the USVI government $60 million per year, USVI Sen. Janelle…
