Rosselló and González reiterate economic plan to Sen. Hatch
WASHINGTON, D.C. – Governor and resident commissioner-elects Ricardo Rosselló and Jenniffer González, respectively, sent a letter to Sen. Orrin Hatch, who presides the Task Force on Economic Growth created by Promesa, establishing a series of strategies at the federal level to promote economic development and job creation in Puerto Rico.
“Our economic development plan is based on a strategy at both the federal level, and the local level. While we have a list of initiatives we will set afoot once we take the government’s reins, there are measures the U.S. government can take to promote economic development,” Rosselló said.
For her part, González declared that “just as what happened in Washington, the fiscal oversight board won’t be able to fulfill its goals if measures to propel our economy aren’t approved. That is why it is vital to consider the initiatives we have been proposing.”
The plan destined to Sen. Hatch details a series of measures that include establishing a transition to achieve Medicaid fund parity, increase reimbursable portion of the Earned Income Tax Credit (EITC), extend the Child Tax Credit for families with one or two children, and temporarily reduce Puerto Rican workers’ contribution to Social Security as a means to create jobs.
They also proposed to extend incentives to wages, investments and capital earnings as part of “Empowerment and Enterprise Zones,” “Community Renewal,” and “New Market Tax Credits” programs for areas of low economic activity, which currently apply exclusively to states, and fund parity for Medicare sections D and B.
Likewise, they seek to make permanent the deduction of domestic production for companies from other states operating in Puerto Rico, for the Treasury Department to guarantee Puerto Rico’s bonds, and that the Federal Reserve can acquire Puerto Rico Tax Revenue Anticipation Notes (Trans) before June 2017.
“It is time for the federal government to propel these initiatives to improve the quality of life of the 3.5 million U.S. citizens that live on the island”
“If the federal government guaranteed $500 million in 2016 and $485 million in 2012 in loans to foreign countries like Tunisia, it can do the same for Puerto Rico. It is important to emphasize that now, with the Fiscal Oversight Board, the risk of offering said guarantee is much less,” González said.
The governor-elect added that “our government has a commitment to establishing measures aimed at achieving fiscal responsibility, and we will comply with the proposed goals; now, the federal government has acknowledged the inequality with which it has treated Puerto Rico has been part of the problem. It is time for the federal government to propel these initiatives to improve the quality of life of the 3.5 million U.S. citizens that live on the island.”
Rosselló began his day at the U.S. capital with a meeting at the Treasury Department. He then moved to the Capitol building to fulfill a meeting agenda, including sessions with House Speaker Paul Ryan and Sens. Orrin Hatch, Ron Wyden and Chuck Schumer.