SAN JUAN, Puerto Rico, (Reuters) – Puerto Rico’s governor on Monday announced plans to cut business and income taxes by more than a $1 billion annually over the next seven years in an attempt to jumpstart the U.S. territory’s economy.
Governor Luis Fortuno laid out the plan in a special address to the Puerto Rican legislature after a weekend vote by lawmakers to slap a six-year tax hike on offshore manufacturing firms operating on the island.
Fortuno called the plan the biggest tax relief package in Puerto Rico’s history and said ordinary taxpayers would see a 50 percent reduction in their taxes when the reform is fully implemented.
