Political Quotes

“Today I am joining Senator D'Amato, along with Senators Chafee, Breaux, Hatch and Graham, in introducing bipartisan legislation to improve the existing tax credit for providing employment in Puerto Rico. Economic conditions in Puerto Rico are cause for serious concern. Over half of the population lives below the poverty line. Puerto Rico's average annual per capita income of approximately $7,500 is less than one-third the national average. Its average unemployment rate is well over twice the national average of 4.8 percent for May 1997. In recent years, Congress has twice imposed significant tax increases on companies doing business in Puerto Rico, first in 1993 and again in 1996. While it is unclear to what extent those tax changes will result in employer relocation or lost jobs, they undoubtedly have increased the vulnerability of the economy of Puerto Rico. Exacerbating this economic uncertainty, the tax changes are being phased in at the same time that Puerto Rico faces increased economic competition from low-wage Caribbean countries and from Mexico. This legislation would respond to these serious problems by building on the temporary wage credit that is currently provided in the Internal Revenue Code. Employers generally would be eligible for a tax credit equal to 60 percent of wages and fringe benefit expenses for employees located in Puerto Rico. New as well as existing employers would be rewarded for providing local jobs.”