Puerto Rico Fiscal Board Blocks Tax Plan, Proposes Some Refunds

Puerto Rico Gov. Pedro Pierluisi (D) said he will temporarily give up proposed corporate tax breaks after the board overseeing the island’s finances and debt restructuring blocked a plan to reduce personal income taxes and restructure the corporate income tax.

Pierluisi in comments Monday said his fiscal advisory team is in discussions with the Financial Oversight and Management Board, trying to preserve parts of the tax proposal that the General Assembly approved last month. HB 1839, among other things, revises Puerto Rico’s individual income tax bracket structure to lower the rate for taxpayers currently in the top bracket, ...