The federal government could put another obstacle in Puerto Rico‘s road to economic recovery.
If Congress passes the bill to revamp the U.S. tax code, companies with operations on the island would be treated as those functioning abroad. The bill would put a 12.5 percent tax on intellectual property income made by those companies. Gov. Ricardo Rossello said Friday that companies would be taxed at a minimum rate of 10 percent on their overseas profits.
The move would make it less attractive for companies in Puerto Rico to stay there since they could get a more favorable tax rate elsewhere.
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