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WASHINGTON - Residents and businesses struggling on the island of Puerto Rico can also expect to receive some financial help from the U.S. government, thanks to the economic stimulus package that passed the House of Representatives today and due largely to the efforts of Congressman Charles Rangel.
The Chairman of the House Ways and Means Committee announced today that the current Congressional proposal to provide tax rebates to U.S. residents would also be extended to those living in U.S. territories and the Commonwealth of Puerto Rico.
"As citizens of the United States, Puerto Ricans on the island should be able to get some relief from an economic downtown that affects them as much as it does their brothers and sisters on the mainland," said Rangel.
The initial compromise worked out by Congressional leaders including Rangel would provide rebates of $300 - $600 per individual ($600 - $1,200 per couple, filing jointly) with positive income tax liability or at least $3,000 in earned income. Eligible recipients can also receive a $300 credit for each dependent child under the age of 17. The stimulus rebates begin to phase out beginning at income threshold of $75,000 for individuals and $150,000 for couples. The package would also help businesses write off and recoup the cost of capital investments.
Rebates to citizens in Puerto Rico and other territories will be distributed by plans approved by the U.S. Treasury Department.
"Both compassion and economics obligates us to remember the ties that bind the United States with Puerto Rico and our territories," said Rangel. "The key to this recovery -- short-term and long-term -- rests on how well we can work together to stimulate all aspects of our economy."
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