Sec. 936 wage-based proposal pushed to Senate Finance Committee by Commonwealth.
This article was originally published in The Gray Sheet
Executive Summary
SEC. 936 WAGE-BASED CREDIT PROPOSED BY PUERTO RICAN GOVERNOR in appeal to Senate Finance Committee to moderate the cutbacks to the island tax incentive in the House Ways and Means tax package. According to a description of the proposal, a domestic company could claim a credit against income tax liability equal to 60% of qualified compensation and allocable fringe benefit expenses paid to employees within an "economically distressed jurisdiction."