S. 1986 would extend a temporary tax benefit that allows Puerto Rico and the Virgin Islands to receive increased federal tax revenues from distilled spirits produced in those territories. Currently, this benefit is set to expire on January 1, 2022, but the bill would extend it through January 1, 2032, providing ten additional years of funding to these U.S. territories. The extension applies to distilled spirits brought into the United States after December 31, 2021. This legislation would help maintain revenue streams for Puerto Rico and the Virgin Islands, which rely on their rum production industries and the related federal tax benefits that support their local economies.