[Congressional Record Volume 142, Number 135 (Thursday, September 26, 1996)]
[Senate]
[Page S11446]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         POSSESSIONS TAX CREDIT

 Mr. BREAUX. Mr. President, on July 9 the Senate passed H.R. 
3448, the Small Business Job Protection Act of 1996. Before this bill 
was reported out of conference, I spoke concerning the provision 
relating to section 936 of the Internal Revenue Code, the possessions 
tax credit. The Senate passed version of this legislation had created a 
long-term wage credit for the 150,000 employees working in Puerto Rico. 
I supported this provision because it represented a major step forward 
for those working Americans in our poorest jurisdiction. Unfortunately, 
the House-passed bill contained no such long-term incentives for the 
economy of Puerto Rico and the conference agreement did not preserve 
the Senate position on section 936. Under the law as passed a wage 
credit for companies currently doing business in Puerto Rico was 
created. We need to carefully examine this wage credit to make sure it 
addresses the economic development needs of Puerto Rico. Mr. President, 
I am here today to express my interest in addressing the important 
issues of economic growth, new jobs, and new investments in Puerto Rico 
at the earliest opportunity. Growth in this region is very important 
and should be a concern to us all.

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