Wednesday, February 8, 2023

PRMA to Present Blueprint to Achieve Economic Development

By on March 21, 2016

SAN JUAN — The Puerto Rico Manufacturers Association (PRMA) will present on April 1 its proposal to revitalize the island’s economy, discussing issues that affect economic development in the commonwealth such as tax, labor, energy, debt restructuring and healthcare funding.

“The private sector is doing its part to stimulate economic development. During this activity, we will unveil a proposal calling for federal tax incentives geared toward the manufacturing sector,” a statement released by the organization reads. The proposal would address the effects of the phaseout of industrial tax incentives under the now-extinct Section 936 of the U.S. Internal Revenue Code.

The event will be held at the Condado Plaza Hilton, from 8:30 a.m. to 5:30 p.m., and is the first time the PRMA publicly presents its “10 Pillars of Economic Development”—an economic development blueprint designed by the organization to jumpstart the economy and that has already been discussed with various gubernatorial candidates.

What’s more, the trade group expects to present Congress with its proposal during a visit to the nation’s capital April 4-5.

Former Congressman Jerry Weller, managing director at NWG Public Affairs, will discuss the results of talks held in Washington, D.C., led by the Private Sector Coalition. Members of the latter, along with representatives from the P.R. Chamber of Commerce, P.R. Products Association, Certified Public Accountants Association and PRMA will also discuss exports and the Jones Act, taxes, fiscal oversight, protecting the manufacturing sector, and equal treatment under Medicaid, among other matters.

Steven Walls, policy adviser for the U.S. Energy Department, will go over the federal government’s outlook for the island’s energy system. Also on agenda is the overtime rule for exempt employees as proposed by the U.S. Labor Department, which would significantly increase payroll costs, according to the PRMA.

More information about the April 1 event can be found here.

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