Political Quotes

“I would like to join with my distinguished colleague, Senator Moynihan, the ranking member of the Finance Committee, along with both Republicans and Democrats on the Finance Committee to seek a restoration of job creation and economic growth incentives for U.S. businesses in Puerto Rico. Last year's tax legislation eliminated the longstanding incentive that applied in Puerto Rico: section 936. Efforts were made to replace section 936 with a new wage credit provision in section 30A, but even that provision is scheduled to expire. The legislation enacted did not provide for any tax benefits for new companies locating in Puerto Rico or existing companies expanding their operation on the island. The legislation we introduce today will make permanent wage credit benefits of section 30A to companies seeking to locate or expand their activities in Puerto Rico. Puerto Rico's economy is directly related to the economies of Florida and many other States. Most of the materials and many services used by manufacturing facilities in Puerto Rico are supplied from the States. Puerto Rico is also the center of economic activity for the entire strategic Caribbean region. Any downturn in the economy of Puerto Rico would have serious negative implications for the States that do significant business with the island as well as for the Caribbean Basin as a whole. The bill we introduce today would tie tax benefits directly to wages paid and investment made in Puerto Rico.”