[Congressional Record (Bound Edition), Volume 146 (2000), Part 8]
[Extensions of Remarks]
[Pages 10901-10902]
[From the U.S. Government Publishing Office, www.gpo.gov]



                 CONSERVATION TRUST FUND OF PUERTO RICO

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                          HON. PHILIP M. CRANE

                              of illinois

                    in the house of representatives

                        Wednesday, June 14, 2000

  Mr. CRANE. Mr. Speaker, I would like to address an issue that we have 
been working on for almost five years. I am speaking about the funding 
question for the Conservation Trust Fund of Puerto Rico. As my 
colleagues may recall, in last year's Ticket to Work and Work 
Improvement Act tax bill, we included language that increased the 
amount of excise tax on rum covered over to Puerto Rico and the Virgin 
Islands from $10.50 to $13.25. We have written statutory language that 
mandated one-sixth of the increase would be directed toward the 
endowment fund of the Conservation Trust. During the negotiations on 
the bill it was decided that this language would not be included when 
the government of Puerto Rico committed to transfer these funds to the 
Conservation Trust. I am pleased to say that the first payment has in 
fact been transferred to the Trust. This extension of the rum tax 
increase will last for thirty months. At that time we will have to 
revisit the question whether we have fulfilled our commitment to fully 
endow the Trust Fund.
  Recently we passed the Africa-CBI Trade bill and inserted language 
that will accelerate the payments of the rum tax cover over to Puerto 
Rico and the Virgin Islands. I want to

[[Page 10902]]

make sure that everyone clearly understands that this new legislation 
does not in any way undermine the intent of Congress in the previous 
tax bill. We expect the Conservation Trust Fund of Puerto Rico to 
continue getting one-sixth of the increase at the same time the 
government of Puerto Rico receives its payments and that those funds be 
segregated by the Trust into an account that is solely for the purpose 
of building up the endowment fund. These amounts are not to be used for 
normal operational expenses or for expenditures for new projects or 
acquisitions.
  I know that the Secretary of the Interior has prepared a Memorandum 
of Understanding to be signed by himself and the Governor of Puerto 
Rico memorializing the commitments made to Congress in this matter. To 
my knowledge this document has not been signed at this date, and I urge 
the governor and the Secretary of the Interior to do so at their 
earliest opportunity.

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