Puerto Rico Gov: Tax bill is 'serious setback'

Puerto Rico Gov: Tax bill is 'serious setback'

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Source: Puerto Rico’s diaspora could upend next U.S.election The new GOP tax reform bill could deal another blow to cash-strapped Puerto R...

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Puerto Rico’s diaspora could upend next U.S.election
The new GOP tax reform bill could deal another blow to cash-strapped Puerto Rico as it recovers from the devastating impact of Hurricane Maria. The final draft calls for a 12.5% tax on any income generated from patents and licenses held by foreign companies outside the United States. Under U.S. tax codes, companies in Puerto Rico are treated as foreign corporations, even if their parent organization is located in the mainland United States and they employ U.S. citizens.
Source: CNN Money News

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