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Washington, D.C. – U.S. Senators Marco Rubio (R-FL) and Orrin Hatch (R-UT) today introduced the Puerto Rico Economic Empowerment Act of 2018 (S. 2873), which would implement recommendations by the Congressional Task Force on Economic Growth in Puerto Rico.
“This bill would enact critical tax provisions for Puerto Rico excluded from the recent disaster relief package, like a payroll tax holiday and expanded child tax credit, which would help alleviate the tax burden for Puerto Ricans rebuilding their lives in the aftermath of Hurricane Maria,” Rubio said. “The bill would also give flexibility to small businesses on the island by enacting several of the recommendations made by the Congressional Task Force on Economic Growth in Puerto Rico. I am proud to have worked with Senator Hatch on this bill, and I urge my colleagues to quickly pass it so that we can deliver long overdue relief to Puerto Rico.”
“Puerto Ricans have been stuck with a stagnant economy, shaky government finances and – to make matters worse – are still recovering from devastating hurricane damage even as this year’s hurricane season is quickly approaching,” Hatch said. “This legislation builds on the strong bipartisan work of the Congressional Task Force on Economic Growth in Puerto Rico and makes important reforms to promote growth and stability in Puerto Rico. By cutting employees’ taxes, we are injecting relief straight into the pocketbooks of Puerto Rican workers. We are also making it easier for Main Street businesses to access programs that facilitate lending and development through the Small Business Administration, which will help local entrepreneurs prosper. These smart policies have been vetted by a bipartisan task force and will go a long way to shift the island’s current economic landscape, as well as help put Puerto Rico back on strong fiscal footing.”
The Puerto Rico Economic Empowerment Act of 2018:
- Provides tax relief for Puerto Rican workers for two years, cutting their payroll taxes in half to 3.1 percent;
- Makes families with one or two children eligible for the federal child tax credit, providing more equitable treatment for Puerto Rican families;
- Provides greater flexibility for Small Business Administration Programs to help Puerto Rico’s small business owners during a prolonged economic downturn;
- Establishes a Federal Statistical Research Data Center in Puerto Rico and calls for Puerto Rico to be included in more economic surveys to improve the availability of economic statistics in Puerto Rico; and
- Is fully offset.
A one-pager of the bill can be found here.
Bill text can be found here.
Background: The bipartisan Congressional Task Force on Economic Growth in Puerto Rico was established by Section 409 of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). Hatch chaired the task force last Congress, which released a report in December 2016 identifying impediments to growth and providing recommended changes to promote long-term economic growth and stability, spur new job creation, reduce child poverty, and attract investment in the territory.
RUBIO Y HATCH INTRODUCEN UNA LEGISLACIÓN PARA PROMOVER LA ESTABILIDAD Y LA PROSPERIDAD EN PUERTO RICO
WASHINGTON, D.C. – El presidente del Comité de Finanzas del Senado Orrin Hatch (R-UT) y el senador estadounidense Marco Rubio (R-FL) presentaron hoy la S. 2873 Ley de Empoderamiento Económico de Puerto Rico del 2018, que implementaría recomendaciones del Grupo de Trabajo del Congreso sobre el Crecimiento Económico en Puerto Rico.
“Este proyecto de ley promulgaría provisiones fiscales importantes para Puerto Rico, las cuales fueron excluidas en el reciente paquete de alivio de desastres, incluyendo el ‘payroll tax holiday’ y el Crédito Tributario Infantil. Esta ley ayudaría a aliviar la carga fiscal de los puertorriqueños quienes reconstruyen sus vidas tras el paso del huracán María,” dijo Rubio. “El proyecto de ley también daría flexibilidad a las pequeñas empresas en la isla mediante la promulgación de varias de las recomendaciones formuladas por el Grupo de Trabajo del Congreso sobre el Crecimiento Económico en Puerto Rico. Estoy orgulloso de haber trabajado con el Senador Hatch en este proyecto de ley, e insto a mis colegas a que lo aprueben rápidamente para que podamos brindar la ayuda necesaria a Puerto Rico.”
“Los puertorriqueños se han quedado estancados en una economía paralizada, un gobierno y finanzas endebles – y para empeorar la situación- siguen recuperándose del devastador daño provocado por los huracanes aun cuando la temporada de huracanes de este año se aproxima,” dijo Hatch. “Esta legislación se basa en el fuerte trabajo bipartidista del Grupo de Trabajo del Congreso sobre el Crecimiento Económico en Puerto Rico y realiza importantes reformas para promover el crecimiento y la estabilidad en Puerto Rico. Al reducirles los impuestos a los empleados, estamos inyectando un alivio directamente a los bolsillos de los trabajadores puertorriqueños. También estamos facilitando a las empresas Main Street el acceso a los programas que facilitan los préstamos y el desarrollo a través de la Administración de Pequeñas Empresas, lo que ayudará a los empresarios locales a prosperar. Estas políticas inteligentes han sido examinadas por un grupo de trabajo bipartidista y serán útiles en cambiar el panorama económico actual en la isla, así como ayudar a Puerto Rico en recuperar una base fiscal sólida.”
La Ley de Empoderamiento Económico de Puerto Rico de 2018:
- Proporciona un alivio fiscal a los trabajadores puertorriqueños durante dos años, reduciendo sus impuestos sobre la nómina a la mitad al 3.1%;
- Hace que las familias con uno o dos hijos sean elegibles para el Crédito Tributario Infantil, brindando un trato más equitativo para las familias puertorriqueñas;
- Ofrece una mayor flexibilidad para los Programas de Administración de Pequeñas Empresas para ayudar a los propietarios de pequeñas empresas de Puerto Rico durante una recesión económica prolongada;
- Establece un Centro Federal de Datos de Investigación Estadística en Puerto Rico y pide que Puerto Rico sea incluido en más encuestas económicas para mejorar la disponibilidad de estadísticas económicas en la isla.
- Está totalmente compensada.