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  • Writer's pictureThe San Juan Daily Star

House lawmakers say they’ll deliver amended budget by June 6

Speaker of the House of Representatives Rafael Hernández Montañez, left, and House Finance and Budget Committee Chairman Jesús Santa Rodríguez

By The Star Staff

Speaker of the House of Representatives Rafael “Tatito” Hernández Montañez and Finance and Budget Committee Chairman Jesús Santa Rodríguez, expect to finish the budget for fiscal year 2023-2024 by June 6 and pass changes to the tax laws.

“The House of Representatives will continue to seek all alternatives, in communication with all sectors, to ensure that this budget is a balanced one that meets pressing needs and that it is a responsible one,” Hernández Montañez and Santa Rodríguez said in a written statement.

The tax changes include reducing tax rates for individuals and small businesses, eliminating unequal competition between foreign and local investors, and simplifying the process for obtaining internal revenue licenses.

They also hope to approve House Bill 1602, which seeks to attract and retain young doctors in Puerto Rico, increasing the age for receiving a tax exemption on the first $40,000 of income generated from 26 to 35 years.

Regarding the budget, which the Financial Oversight and Management Board already approved, lawmakers intend to earmark funds to finance programs at the University of Puerto Rico and essential services in the municipalities, and to honor the increase in the minimum wage, among other actions.

In addition, officials will set aside about $11 million to pay Family Department workers and retirees, who recently prevailed in a lawsuit demanding salary adjustments.

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