Bill > S3256

This bill, the Puerto Rico Economic Empowerment Act of 2018, aims to provide tax relief and greater flexibility for small businesses in Puerto Rico. The key provisions include: 1) A temporary payroll tax cut for residents of Puerto Rico, reducing the employee Social Security tax rate from 6.2% to 3.1% during the period from July 2018 to June 2020. This is intended to provide economic relief. 2) Equal treatment of Puerto Rican families with 1 or more children to the tax credit currently provided to families with 3 or more children. This expands the child tax credit to more Puerto Rican families. 3) Increased access to capital and flexibility in the Small Business Administration's microloan program for Puerto Rico businesses, including higher lending limits and waivers of certain requirements. 4) Giving priority to Puerto Rico businesses for surplus property transfers and additional incentives for mentor-protege relationships involving Puerto Rico businesses. 5) Establishing a FAST grant program specifically for Puerto Rico businesses and requiring greater oversight and reporting on SBA activities in Puerto Rico. 6) Expanding the inclusion of Puerto Rico in various Census Bureau surveys and establishing a new Federal Statistical Research Data Center in San Juan. The bill is intended to spur economic development and support small businesses in Puerto Rico, which has faced economic challenges in recent years.

Budget and Finance

https://www.congress.gov/bill/115th-congress/senate-bill/3256/all-info