House Finance Committee approves report on bill that would cut $595 million in taxes
By The Star Staff
The Finance and Budget Committee of the island House of Representatives approved on Monday, with 11 votes in favor, a positive report on the Tax Reform.
The announcement was made by the chairman of the committee, Rep. Jesús Santa Rodríguez, while announcing that a copy of the report would be delivered to the spokespersons of the minority delegations so that they can analyze the measure.
“Our intention is for everyone to be able to analyze the measure, so that we can discuss any concerns that arise, and as soon as they are ready to vote, we can approve the measure in the Ordinary Session,” Santa said in a written statement.
He said the report on House Bill 1839 projects tax relief of $595 million from the Legislative Assembly Budget Office (OPAL by its Spanish acronym).
Later on Monday,
New Progressive Party House minority leader Rep. Carlos ‘”Johnny” Méndez Nuñez said he is evaluating the changes made to the bill, which in its original version aimed to reduce the tax rates for the working class, as well as small and midsize businesses, as well as mitigating the increase in the cost of living.
“Just this afternoon we were informed about this report from the Treasury Committee on House Bill 1839,” Méndez Nuñez said. “We stress that it increases the cost of the original proposal by almost $100 million dollars. We have to evaluate the technical language in the bill, along with the Executive’s economic team, with the purpose of establishing viability.”