[Congressional Record Volume 142, Number 140 (Wednesday, October 2, 1996)]
[Extensions of Remarks]
[Page E1905]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    PUERTO RICO ECONOMIC INCENTIVES

                                 ______
                                 

                          HON. JAMES A. HAYES

                              of louisiana

                    in the house of representatives

                       Wednesday, October 2, 1996

  Mr. HAYES. Mr. Speaker, as I have said before, I believe it is 
essential that Congress continue to work with the elected officials of 
Puerto Rico to provide job creation incentives that continue to bring 
the U.S. citizens of Puerto Rico up to the economic levels of other 
American jurisdictions. It is unfortunate that Congress eliminated 
section 936 without providing a true, long term alternative program to 
accomplish these goals.
  Nonetheless, we took an important first step in creating section 30A 
of the Internal Revenue Code which will provide for wage based 
incentives for existing companies doing business in Puerto Rico. It is 
imperative, however, that we do more. Next year, I am confident that 
the 105th Congress will work with Governor Rossello' and other 
government and business leaders in Puerto Rico to build section 30A in 
a way that provides incentives for new investment and job creation by 
companies not currently doing business on the island.
  Together, we can develop those long term incentives that ultimately 
will be more efficient and effective than the program that has been 
eliminated.

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