Political Quotes

“Last year, the Senate voted to terminate section 936 and provide for a 10-year grandfather period, with various restrictions, for existing companies doing business in Puerto Rico. Many of us were uncomfortable leaving Puerto Rico without any economic incentives to replace section 936 following its termination. I want to commend and thank the distinguished chairman of the Committee on Finance for his leadership in reporting out, as part of the Small Business Job Protection Act of 1996, language that begins to address this serious problem. The provision we are considering today is a step toward encouraging job creation for the 4 million American citizens in Puerto Rico by putting in place a long-term wage credit for companies currently doing business in Puerto Rico. This provision also moves toward the program that we established in 1993. The chairman is to be commended for recognizing the importance of this modification, and I urge the Senate to insist on this modification when we go to conference. While this bill provides security for the almost 150,000 employees of companies currently doing business in Puerto Rico, it does not address the issue of new investment and new jobs under a wage credit program, and leaves in question the adequacy of the incentive at the end of 10 years.”