The expansive Republican rewrite of the federal tax code being voted on in the House of Representatives this week contains a provision to increase the Child Tax Credit (CTC) to $1,600 per child in the fifty states. While under consideration by the Ways and Means Committee, two amendments were introduced to expand the child tax… Read more »
Last night, the U.S. Senate passed a bill to end the exemption of investment firms in Puerto Rico and other U.S. territories that do exclusive business in those islands from the Investment Company Act of 1940, giving the SEC greater jurisdiction over their activities. Senator Robert Menendez (D-NJ) sponsored the bill with Sens. Orrin Hatch… Read more »
The Puerto Rico Financial Oversight and Management Board (FOMB), created by the PROMESA law, has been the subject of a number of complaints and concerns from members of the U.S. Congress. There have also been complaints about the board directed to the U.S. Congress. On June 15, Congressman Rob Bishop (R-UT), Chairman of the House… Read more »
The U.S. House of Representatives passed legislation yesterday to require investment companies located in Puerto Rico and other U.S. possessions to adhere to federal registration requirements imposed by the Securities and Exchange Commission (SEC). Current law exempts such companies from registration requirements with the SEC provided that their shares are sold solely to the residents of… Read more »
President Trump has spoken out on Puerto Rico — in a pair of tweets: “The Democrats want to shut government if we don’t bail out Puerto Rico and give billions to their insurance companies for OCare failure. NO!” “Democrats are trying to bailout insurance companies from disastrous #ObamaCare, and Puerto Rico with your tax dollars…. Read more »
On the floor of the U.S. Senate this morning, Minority Leader Chuck Schumer (D-NY) had kind words for Senate Finance Chairman Orrin Hatch (R-UT) as the Senate paused from its acrimony to recognize Sen. Hatch for being the longest serving Republican senator in history. Leader Schumer complimented Chairman Hatch generally as a decent and caring… Read more »
The Congressional Task Force on Economic Growth in Puerto Rico has released its final report, recommending legislation in early 2017 to address an impending Medicaid “cliff” on the island as well as an expansion of the federal Child Tax Credit (CTC) in Puerto Rico, a closer look at inequities throughout the federal government and careful consideration… Read more »
The candidates and parties in the recent presidential election spoke up for self-determination for Puerto Rico. Now Senate Finance Committee Chairman Orrin Hatch, who also chairs the Task Force on Economic Growth in Puerto Rico, seems to be brushing the question of status aside. But Congress has a responsibility to the people of Puerto Rico that… Read more »
The Congressional Task Force on Economic Growth in Puerto Rico, which was created under a mandate from the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), released a status update on Thursday. The Task Force, headed by Senator Orrin Hatch (R-UT), is charged with creating policy recommendations which will promote economic growth and long-term prosperity in Puerto… Read more »
The Obama Administration this morning reiterated its requests that the Congress treat Puerto Rico much more equally with the States in contributing to Medicaid in the territory and that it fund an earned income tax credit (EITC) in the islands. The call came in a letter to the Congressional Task Force on Economic Growth in… Read more »
Recent Comments