SAN JUAN – The Senator by accumulation for the Popular Democratic Party (PPD), José Nadal Power, recently filed RS 1379 to support the efforts of federal congressmen to provide tax incentives to manufacturing and pharmaceutical companies that invest in Puerto Rico.
“There is an effort launched several months ago, and led in the Federal House of Representatives by the delegate of the US Virgin Islands, Stacey E. Plasket and in the Federal Senate by Senator Roger Wicker of Mississippi, which proposes to provide a tax incentive to the manufacturing and pharmaceutical companies that invest in Puerto Rico and other jurisdictions within the United States. At the historical juncture in which we find a Government in fiscal crisis and a Fiscal Supervision Board authorizing the expenses of the Administration of the Country, it is meritorious that the Legislature of Puerto Rico expresses itself in favor of the effort, an expression that should have been made It’s been months and it hasn’t been done yet, ”Nadal Power said in written statements this Sunday.
“Everyone knows that the approval of the 2017 Federal Tax Reform was disastrous for Puerto Rico, since it treated the Island and other jurisdictions as a foreign country, impacting private investment and job creation. Precisely these projects intend to exclude part of the income generated in Puerto Rico and other jurisdictions from the tax established in the aforementioned reform, ”added the senator.
The former president of the Senate Finance Committee added that “as a result of the Fiscal Autonomy of the Commonwealth, the Island is prepared for this business and economic development opportunity, since it has the infrastructure, the trained workforce and the expert knowledge to satisfy the demand of the industries that wish to start businesses in our land. Studies affirm that Puerto Rico is the largest exporter of medical studies in the United States, since in 2019 the island exported more than 53 million dollars, which makes us the ideal jurisdiction for investment in the entire United States. “
“If these measures are approved, they will undoubtedly benefit Puerto Rico’s workforce in the pharmaceutical industry, as well as for the services that these companies ordinarily require,” Nadal Power concluded.