BIO Opposes Puerto Rico’s Newly Enacted Tax on Foreign Corporations
WASHINGTON, D.C. (Wednesday, October 27, 2010) - Biotechnology Industry Organization (BIO) President and CEO Jim Greenwood released the following statement regarding Puerto Rico Law 154, which was enacted on Monday, October 25, 2010.
“The bioscience industry has remained a bright spot through one of the worst economic recessions on record. This is particularly true in Puerto Rico, where the bioscience industry accounts for over five percent of the employment base, providing stable, high-paying jobs. Without a doubt, the bioscience industry is crucial to the economic health of Puerto Rico.
“This is why BIO strongly opposes Law 154, a newly enacted four percent tax on foreign corporations that places an unprecedented and excessive burden on many of the biopharmaceutical and medical device companies located in Puerto Rico. This particularly ill-timed tax increase is a drastic change to longstanding tax law and is potentially detrimental to new and existing foreign investment in Puerto Rico.
“Puerto Rico has historically proven itself to be a center of excellence in attracting foreign investment and venture capital from innovative bioscience companies and investors. That is why it is particularly vexing that this legislation moved through both houses in a weekend, offering no time for public hearings, discussions or review of comments on the bill.
This new tax increase will profoundly affect the decision-making of foreign corporations as they consider whether to continue to do business and deploy their capital in Puerto Rico.”
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