[Congressional Record Volume 142, Number 136 (Friday, September 27, 1996)]
[Senate]
[Page S11489]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     ECONOMIC NEEDS OF PUERTO RICO

  Mr. JOHNSTON. Mr. President, since 1973, my first year in the Senate, 
I have spent a great deal of time and energy on issues affecting Puerto 
Rico. I rise today to voice my concern for our fellow citizens in 
Puerto Rico, who have been greatly affected by our recent action to 
eliminate economic development incentives under section 936 of the 
Internal Revenue Code without providing them with an alternative 
program. I understand the need to curb excessive corporate tax benefits 
in order to get our Nation's fiscal house in order. However, in 
accomplishing this, we must not ignore the needs of the people of 
Puerto Rico. The 3.7 million American citizens of Puerto Rico deserve 
the opportunity to become economically solvent and self-sufficient. We 
must work hand in hand with them to develop a sound economic 
development program that helps achieve those goals. Modifications, 
improvements or alternatives such as a wage credit have been suggested 
for Puerto Rico. All of these options deserve serious consideration, 
but above all we must not allow the economy of Puerto Rico to be 
devastated by inaction or the wrong action by Congress. Although I 
shall not be returning for the 105th Congress, I urge my colleagues to 
give prompt attention to this issue early next year.

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