The U.S. Senate Committee on Energy and Natural Resources Posts Testimony for Hearing of Hurricane

[TexasTowelie]

The U.S. Senate Committee on Energy and Natural Resources Posts Testimony for Hearing of Hurricane Recovery Efforts in Puerto Rico and U.S. Virgin Islands

Witness testimony for today’s U.S. Senate Committee on Energy and Natural Resources hearing on hurricane recovery efforts in Puerto Rico and the U.S. Virgin Islands has been made public.

The witnesses include:

The Honorable Kenneth Mapp, Governor, United States Virgin Islands
The Honorable Ricardo Rosselló Nevares, Governor, Commonwealth of Puerto Rico
The Honorable Bruce Walker, Assistant Secretary, Office of Electricity Delivery and Energy Reliability, U.S. Department of Energy
Major General Donald E. Jackson Jr., Deputy Commanding General, Civil and Emergency Operations, U.S. Army Corps of Engineers
Ricardo Ramos, Executive Director, Puerto Rico Electric Power Authority
Julio Rhymer Sr., Executive Director, Chief Executive Officer, Virgin Islands Water and Power Authority
José H. Román Morales PE, Acting Chairman, Puerto Rico Energy Commission
Natalie Jaresko, Executive Director, Financial Oversight and Management Board for Puerto Rico

Governor Kapp stated in his prepared statement: “Fundamentally, the Territories, as part of the United States, should always be treated more favorably than foreign jurisdictions under federal tax law. Unfortunately, that is not always the case. Indeed, as a result of unduly harsh provisions in the JOBS Act of 2004, the Territories are in many ways treated worse than foreign jurisdictions. In particular, the (effectively connected) income sourcing rules imposed by the JOBS Act have unfairly restricted our Economic Development Commission (“EDC”) program and inhibited our ability to grow our economy, particularly in the increasingly important knowledge-based and financial services sectors. We have been working with the U.S. Treasury to “re-balance” the overly restrictive JOBS Act rules by making modest corrective changes to the JOBS Act. I urge your support for inclusion of these changes in legislation this year. In addition, I urge that Congress consider the unique circumstances and economic development needs of the Territories in other elements of tax reform, including taxation of possessions earnings repatriated to the United States from the Territories.”

Governor Rosselló stated in his prepared statement: “This is a transformative moment in the history of Puerto Rico. We recognize that your leadership, along with that of leaders from both parties, will be essential to our recovery, and the future economic and fiscal health of the island. To that end, we are committed to fully engaging leaders from the private sector and Non-Governmental Organizations in the design and implementation of this rebuilding program. We will Build Back Better, not just in terms of the physical and economic reconstruction of the island, but through a true public-private partnership with a process that is open, transparent and accountable to our community, to the Federal government and the American people, who are showing such tremendous and heartfelt support for our efforts. Puerto Rico has been treated equally in times of war, sacrificing like any other state, now in our time of greatest need we call on Congress to treat us equally as we work to recover, and ultimately rebuild a new and stronger Puerto Rico. We have the will and the spirit needed to continue contributing as part of the great American family. Help us help ourselves, and in doing so you can live up to America’s greatest ideals. Our future is in your hands. With sustained federal assistance and your leadership and support, I am confident that in time the people of Puerto Rico will recover and grow stronger than ever.”

Read more: https://www.puertoricoreport.com/u-s-senate-committee-energy-natural-resources-posts-testimony-hearing-hurricane-recovery-efforts-puerto-rico-u-s-virgin-islands/#.Wgy8OnlrzRY