Rich Neal: “I thank Chairwoman Lowey for yielding me the time. I am happy to stand in support of this legislation today. This is a…”

“I thank Chairwoman Lowey for yielding me the time. I am happy to stand in support of this legislation today. This is a disaster relief package that I worked on with Chairwoman Lowey, Congresswoman Velazquez, and Resident Commissioner Gonzalez-Colon. In addition to providing supplemental appropriations to respond to the recent natural disasters that affected Puerto Rico and other U.S. territories, H.R. 5687 includes the Puerto Rico Disaster Tax Relief Act. These provisions will help Puerto Rico rebuild its homes and communities and provide much-needed relief to workers and families after these devastating earthquakes. Specifically, H.R. 5687 provides additional allocations of the low- income housing tax credit, which will allow critical investments in new affordable housing throughout the island. It also makes additional allocations to the new markets tax credit in Puerto Rico, allowing the island to make important investments, like rebuilding community centers and hospitals in low-income neighborhoods. This legislation helps Puerto Rico and other territories implement the earned income tax credit and the child tax credit, two of the most powerful tools we have to combat poverty. Last year, the Committee on Ways and Means reported out similar provisions in our consideration of H.R. 3300, the Economic Mobility Act. {time} 0945 Today, many Puerto Rican residents can be taxed into poverty from the U.S. payroll taxes that they pay.…”