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About: Cover-over subsidies     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : yago:TransferredProperty113252973, within Data Space : dbpedia.demo.openlinksw.com associated with source document(s)

Type: companyyago:WikicatSubsidiesyago:Abstraction100002137yago:Acquisition113253255yago:Aid113265904yago:Gift113265011yago:Grant113266892yago:Possession100032613yago:Relation100031921yago:Subsidy113267014yago:TransferredProperty113252973 New Facet based on Instances of this Class

Cover-over subsidies are annual payments from the U.S. government to the U.S. Virgin Islands and Puerto Rico out of federal excise taxes. For example, when a bottle of rum is produced in either the Virgin Islands or Puerto Rico, and then sold in the United States, the federal excise tax on that bottle is returned to its place of production. Cover-over subsidies for U.S. island territories began in 1917. In 2008, the taxes generated about $371 million for Puerto Rico and $100 million for the Virgin Islands.