Puerto Rico to invest more in rum :
Apologies if this has already been posted.
From Caribbean Business News as follows.
Puerto Rico to invest more in rum promotion
By : CB STAFF
Volume: 38 | No: 45
Page : 70
Issued : 11/18/2010
Puerto Rico legislators voted to increase from 10% to 25% the portion of a federal excise tax on local rum they will use to promote the island’s rum industry.
The bill, which was expected to be signed by Gov. Luis Fortuño, would allow him to use up to 46% of the revenue for promotion unless Congress votes to cap them before the end of 2011.
The funds come from a $13.50 federal excise tax levied on every proof gallon of rum produced in Puerto Rico and the U.S. Virgin Islands. For each bottle, all but 25 cents of the tax goes to the government of the island where the rum is made.
Puerto Rico currently invests 90% of its revenue—$434 million last year—in economic projects including land conservation and development of new technologies.
Puerto Rican lawmakers approved the bill amid an ongoing feud with the U.S. Virgin Islands, which they accuse of luring away production of Captain Morgan rum by offering London-based parent company Diageo an estimated $2.7 billion in rum rebate revenue over 30 years.