Demand Congress help make Amazon select Puerto Rico for their HQ2

Demand Congress help make Amazon select Puerto Rico for their HQ2

Puerto Rico has been suffering from an economic depression for more than a decade. This all started in late 2005 after a series of deficits and the expiration of the section 936 of the US Internal Revenue Code that affected Puerto Rico. This section was critical for the economy of the island as it established tax exemptions for U.S. corporations that settled in Puerto Rico and allowed its subsidiaries operating in the island to send their earnings to the parent corporation at any time, without paying federal tax on corporate income. The economy of the island was significantly reliant on the additional investment and spending generated by companies taking advantage of this provision, and has been unable to replace that benefit after its loss in 2005. Along with the loss of section 936, laws like the Jones Act, also known as the Merchant Marine Act of 1920, increases in taxes, and mas exodus of professionals and skilled workers from the island produced further economic hardship on the people remaining. But there is still opportunity... In the news there has been reports of Amazon’s plan to build and establish their second North American Headquarter known as HQ2. They expect to invest over $5 billion in construction and grow this second headquarters to include as many as 50,000 high-paying jobs. Amazon estimates its investments in Seattle (location of 1st Headquarters) from 2010 through 2016 resulted in an additional $38 billion to the city’s economy – every dollar invested by Amazon in Seattle generated an additional $1.40 for the city’s economy overall. With the influx in investment comes growth and jobs. Lets tell congress that this is exactly what Puerto Rico needs and urge them to make it happen. Lets also ask of our American companies to invest in areas of need and to have them show how invested they are with the American people from who they so gladly make their profits.