Statement From Puerto Rico Gov. Luis Fortuno on Introduction of the Reinvesting in Territories, Not Corporation Act
SAN JUAN, Puerto Rico, April 15 /PRNewswire-USNewswire/ -- Gov. Luis Fortuno issued the following statement regarding legislation introduced today by U.S. Sen. Robert Menendez, the Reinvesting in U.S. Territories, Not Corporations Act, that would cap territorial assistance to rum companies at 10 percent of the amount of federal rum tax grants to a territory.
"As more light is shed on the planned, excessive deals developed in the Virgin Islands to benefit individual rum companies, Congress is questioning the wisdom of giving away billions of federal tax dollars to profitable corporations, instead of using the funds to maintain and improve public services for the people of the territory. Senator Menendez's bipartisan legislation represents good public policy that would ensure responsible use of U.S. tax dollars and fair competition in the rum industry. I respectfully urge senators to carefully review this issue and support Senator Menendez's legislation."
About PRIDCO
The Puerto Rico Industrial Development Company (PRIDCO: www.pridco.com) is a public corporation dedicated to promoting Puerto Rico as an investment destination for companies and industries worldwide. Since its establishment in the 1950s, PRIDCO has led the efforts in the industrialization of the island. PRIDCO continues to be a catalyst for Puerto Rico's economic development, leading the transformation from a traditional industrial economy to an economy based on knowledge. PRIDCO emphasizes promoting high technology industries among sectors such as the life sciences, technology, computing and services that leverage Puerto Rico's unique combination of tax incentives, skilled workforce, strong infrastructure and excellent business climate.
About the Rums of Puerto Rico Program (ROPR)
Rums of Puerto Rico (rumcapital.com), a division of the Puerto Rico Industrial Development Company (PRIDCO), was created in 1948 to administrate the advertising and promotional programs that encourage the consumption of Puerto Rican rum and uphold its leadership in the United States market. The quality brands produced in Puerto Rico are aged at least one year by law. This sets the standard of excellence that includes only the finest rums and offers an extensive choice in the rum category including Bacardi, Don Q, Ron Llave, Ron del Barrilito and Palo Viejo, among others.
SOURCE Puerto Rico Industrial Development Company
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