Curbelo: Tax Reform Bill Will Provide Even More Assistance to Recovering Puerto Rico

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Washington, D.C., November 17, 2017 | Joanna Rodriguez (202-225-2778) | comments

As South Florida’s only Member of Congress on the tax-writing Ways and Means Committee, Representative Carlos Curbelo has advocated tirelessly for South Florida families. He celebrated the inclusion of high-priority tax issues for the Commonwealth of Puerto Rico, which shares close cultural and economic ties to South Florida.

“While it will take at least months for the island to fully recover, we are providing even more assistance to Puerto Rico with the legislation being considered today,” Curbelo said on the House floor during a colloquy with Ways and Means Chairman Kevin Brady.

“Moving forward, I am hopeful we can work together to find creative solutions to better target the Child Tax Credit to serve more Puerto Rico families and study the expanded use of the Earned Income Tax Credit for the Commonwealth,” Curbelo added. In addition, I look forward to continuing to work on solutions to ensure the businesses operating on the island have the certainty they need in terms of tax planning to hire more workers and strengthen Puerto Rico’s economy.”

“Mr. Curbelo, you and Resident Commissioner Gonzalez-Colon have been tireless advocates for the Commonwealth of Puerto Rico, and I appreciate the hard work you have done to help our fellow citizens on the island,” Brady said. “I agree that this is a good first step, and look forward to continue working on ideas to best serve the people on the island.”

A full transcript of Curbelo's colloquy with Brady is available below. A video is available here.

Curbelo: Today’s Tax Reform Bill Will Provide Even More Assistance to Recovering Puerto Rico
Washington, D.C.
November 16, 2017
https://youtu.be/Co53TY73NpU

Representative Carlos Curbelo: “Chairman Brady, I want to thank you for working with me to begin addressing the sensitive issue of helping our fellow American citizens in Puerto Rico. After the devastating effects of Hurricanes Irma and Maria, our Committee delivered immediate results for the island through a disaster tax relief package targeted to help people get back on their feet. And while it will take at least months for the island to fully recover, we are providing even more assistance to Puerto Rico with the legislation being considered today.

“I want to thank you for helping us extend the rum-cover over to $13.25 per proof gallon to be paid back to the treasuries of both Puerto Rico and the U.S. Virgin Islands through 2023. I'm also grateful that under this bill, companies operating in Puerto Rico can deduct income attributable to domestic production activities retroactively, for the year 2017.

“Moving forward, I am hopeful we can work together to find creative solutions to better target the Child Tax Credit to serve more Puerto Rico families and study the expanded use of the Earned Income Tax Credit for the Commonwealth. In addition, I look forward to continuing to work on solutions to ensure the businesses operating on the island have the certainty they need in terms of tax planning to hire more workers and strengthen Puerto Rico’s economy. With that, I yield back the balance of my time.”

Ways and Means Committee Chairman Kevin Brady: “Mr. Curbelo, you and Resident Commissioner Gonzalez-Colon have been tireless advocates for the Commonwealth of Puerto Rico, and I appreciate the hard work you have done to help our fellow citizens on the island. I agree that this is a good first step, and look forward to continue working on ideas to best serve the people on the island.”

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