Rep. Méndez Nuñez to seek consensus on tax relief bill
By John McPhaul
Seeking to alleviate the tax burden on citizens, Rep. Carlos “Johnny” Méndez Nuñez said Monday that he will be communicating with Speaker of the House of Representatives Rafael “Tatito” Hernández Montañez, as well as the minority leaders of the other delegations so that the measure that enables tax relief in 2023 is one of consensus.
“Giving more money to our people, lowering the tax burden has been one of the efforts we have made for several years,” said Méndez Nuñez, the New Progressive Party minority leader in the House. “The fiscal actions taken, together with the increase in economic activity, allow us to directly reduce contributions to help mitigate the effects of the historic inflation we are experiencing. This administration bill that we will be filing is an important step toward the tax reform that is so necessary and that is why we want it to be one of consensus among all delegations and that is what we are moving toward.”
“As we did with House Bill 1367, today Law 52-2022, which we filed together with the speaker of the House, we are going to dialogue with him to do it together and include the other delegations,” he added. “This is a measure that our people need. We have the resources to afford that relief. It is worth remembering that no significant contributory justice has been done for citizens since 2010. This bill is necessary because it adjusts the cost of living.”
The former House Speaker will also speak with the Puerto Rican Independence Party Minority Leader Dennis Márquez, as well as Rep. Lisie Burgos of the Dignity Project and Rep. Mariana Nogales Molinelli of theCitizen Victory Movement, in order to file the bill jointly when the Legislature begins a new session on Monday.
The measure amends Puerto Rico’s Internal Revenue Code to include, for the first time in modern history, tax adjustments to alleviate the increase in the cost of living known as COLA (Cost of Living Allowance), as well as changing the limits on mortgage interest deductions and contributions to individual retirement systems and educational accounts. It also increases the deduction for dependents, among other benefits (see story above).