The landmark federal tax reform proposal released on Friday includes a provision to encourage economic growth in Puerto Rico and other economically distressed areas that was requested by Puerto Rico Resident Commissioner Jenniffer González-Colón and several other members of Congress in a letter to congressional tax leaders. The tax bill omits several of the group’s other… Read more »
Congressional leaders announced today a deal on a landmark federal tax reform proposal that restructures both corporate and individual income tax obligations but does not contain relief for hurricane ravaged Puerto Rico. When asked about Puerto Rico’s lack of inclusion in the tax package, House of Representatives Ways & Means Committee Chairman Kevin Brady explained… Read more »
A popular tax credit fully available to U.S. citizens living in the fifty states was expanded in the Federal tax overhaul proposal introduced in the House of Representatives last week while Puerto Rico’s more limited version of the tax credit remained unchanged. The Child Tax Credit (CTC) allows a family to reduce its federal tax… Read more »
In response to the Hurricane Maria disaster that has devastated Puerto Rico, the territory’s federally-named Financial Oversight and Management Board has dropped its demand that Governor Ricardo Rossello Nevares (New Progressive Party-NPP) cut the working hours of all territorial Executive branch employees and pensions by 10% during insular Fiscal Year 2018, which ends next June… Read more »
Members of Congress continued to express their support for Puerto Rico on the floor of the Senate and House of Representatives last Thursday. On the Senate floor, remarks were heard from: Senator Mitch McConnell (R-KY), Senator John Cornyn (R-TX), Senator Charles Schumer (D-NY), Senator Richard Blumenthal (D-CT), Senator Ben Sasse (R-NE), and Senator Bryan Schatz… Read more »
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