Economic incentives have cost gov’t over $16 billion in tax expenditures

from Thursday Jul 6, 2023

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By THE STAR STAFF

Economic incentives for businesses cost Puerto Rico’s government $16.3 billion in tax expenditures as of tax year 2023, a figure that should reach $16.5 billion in tax year 2024, according to a government report.

Treasury Secretary Francisco Parés Alicea announced Wednesday the publication of the fourth Tax Expenditure Report (TER) for the taxable year 2024 as required by the commonwealth Fiscal Plan that the Financial Oversight and Management Board certified in April.

Tax expenditures are revenue losses attributable to provisions of Act No. 1 of Jan. 31, 2011, the Internal Revenue Code for a New Puerto Rico, that deviate from the tax structure’s benchmark law. The revenue loss could be due to a special exclusion, deduction, exemption, credit, preferential rate of tax, or a deferral of tax liability.

Economic incentives have cost gov’t over $16 billion in tax expenditures

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Thursday Jul 6, 2023