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Thursday, September 22, 2011

Pierluisi Introduces Puerto Rico Investment Promotion Act

WASHINGTON, DC- Resident Commissioner Pedro Pierluisi today introduced the Puerto Rico Investment Promotion Act (PRIPA), which could become an important tool to create jobs in Puerto Rico and to strengthen the Island’s economy.

“Now that I have filed the bill, the formal process of consideration by Congress will begin,” said the Resident Commissioner. The original, bipartisan cosponsors of the measure are Representatives Don Young (R-Alaska) and José Serrano (D-New York).

“I was pleased by the initial reaction I received from my colleagues prior to the bill’s
introduction. Despite the early stage of the process, Governor Fortuño and I—and our respective teams—have already briefed key Congressional leaders of both political parties, since their support is essential to achieving passage of this bill,” said Pierluisi.

Among the members of Congress that the Governor and Resident Commissioner have spoken with are House Majority Leader Eric Cantor (R-Virginia) and the lead Democrat on the House Committee on Ways and Means, Sandy Levin (D-Michigan), as well as “Super Committee” members Dave Camp (R-Michigan), Xavier Becerra (D-California), James Clyburn (D-South Carolina), and Chris Van Hollen (D-Maryland). The Super Committee, which is composed of six Republicans and six Democrats from both the House and the Senate, must vote by November 23rd on a plan to reduce the federal deficit.

“In the coming weeks, our strategy will be aimed at inserting the language of PRIPA in
any legislative vehicle that moves forward as a result of the Super Committee’s work. Our measure could be considered as a new source of revenue for the federal government if the U.S. Congress’s Joint Committee on Taxation so confirms,” explained the Resident Commissioner.

Pierluisi said that his bill should appeal to members of both political parties.

“On the one hand, the Republican leadership has been advocating for tax relief proposals designed to generate more economic activity in the United States, and our legislation reduces the federal tax rate that applies to earnings repatriated from companies in the U.S. territory of Puerto Rico to their parent companies in the 50 states. On the other hand, my Democratic colleagues are united in looking for ways to increase job-creating investment in U.S. jurisdictions, and that is precisely what our bill seek to do,” he said.

The Resident Commissioner urged all interested parties to coordinate their lobbying efforts with his office because it is important that Puerto Rico speaks with a single voice before Congress.

“We have a great opportunity and, if we remain united and committed, together we can achieve our goal,” he said.