[Congressional Record Volume 144, Number 151 (Wednesday, October 21, 1998)]
[Senate]
[Page S12849]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 THE CONSERVATION TRUST OF PUERTO RICO

  Mr. ROTH. Mr. President, before we adjourn, Senator Moynihan and I 
would like to speak to an issue that has yet been unable to be 
resolved--the funding for the Conservation Trust Fund of Puerto Rico. 
The Conservation Trust was created in 1968 for the protection of the 
natural resources and environmental beauty of Puerto Rico.
  The Trust lost much of its funding as a consequence of the decisions 
to phase-out section 936 and eliminate the Qualified Possession Source 
Investment Income (also known as ``QPSII'') provision in the tax code. 
I hope that Congress and the Administration will continue to work 
together to find an equitable solution that will permit the Trust to 
continue its protection of the environment in Puerto Rico.
  Mr. MOYNIHAN. I agree with the distinguished Chairman of the Finance 
Committee. I would also point out that both the funding for the 
Conservation Trust and the opportunity to provide much needed monies to 
Puerto Rico and the Virgin Islands could have been accomplished by 
including the Administration's rum ``cover over'' proposal as part of 
the tax extenders package in the omnibus appropriations measure.
  The needs of Puerto Rico, and the importance of this provision, were 
magnified by the devastation recently caused by Hurricane Georges. 
Despite significant bipartisan support in the Senate and the House, and 
a strong push from the Administration, for some reason the House 
refused to include this provision in the bill. I thank the Chairman for 
the opportunity to work with him next year to address this issue.

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