summary
Introduced
05/25/2018
05/25/2018
In Committee
05/25/2018
05/25/2018
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Puerto Rico Economic Empowerment Act of 2018
AI Summary
This bill, the Puerto Rico Economic Empowerment Act of 2018, aims to support businesses in Puerto Rico and provide tax relief for families. Key provisions include:
- Providing a temporary payroll tax cut for residents of Puerto Rico during the "payroll tax holiday period" from July 2018 to June 2020. This reduces the employee portion of Social Security taxes from 6.2% to 3.1%.
- Extending the child tax credit to Puerto Rican families with 1 or more children, rather than requiring 3 or more children as under current law.
- Increasing access to capital for microloan intermediaries that serve Puerto Rico businesses, and providing additional incentives and flexibility for mentorship programs involving Puerto Rico businesses.
- Establishing a FAST grant program and Federal Statistical Research Data Center focused on Puerto Rico, and amending the definition of "disaster" for SBA disaster loans to include communicable diseases.
The bill is intended to economically empower Puerto Rico and provide equal treatment compared to the mainland United States.
Committee Categories
Budget and Finance
Sponsors (7)
Jenniffer González (R)*,
Rob Bishop (R),
Carlos Curbelo (R),
Sean Duffy (R),
Brian Fitzpatrick (R),
Thomas MacArthur (R),
Don Young (R),
Last Action
Referred to the Committee on Ways and Means, and in addition to the Committees on Small Business, Financial Services, Oversight and Government Reform, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (on 05/25/2018)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/house-bill/5975/all-info |
| BillText | https://www.congress.gov/115/bills/hr5975/BILLS-115hr5975ih.pdf |
| Bill | https://www.congress.gov/115/bills/hr5975/BILLS-115hr5975ih.pdf.pdf |
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