Residential electric bills in Puerto Rico could increase by an average of $19 a month if a federal bankruptcy judge approves a proposal filed Thursday to restructure the staggering debt held by Puerto Rico’s power company, the Associated Press reported.
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Puerto Rico Governor Pedro Pierluisi on Monday unveiled a sweeping tax reform proposal that would slash individual and corporate rates and simplify the US territory’s tax code, Bloomberg News reported. Under the proposal, Puerto Rico’s maximum tax rate for individuals would be reduced from 33% to 30%.
Puerto Rico privatized its electricity production on Wednesday, selecting Genera PR to take over the operation and maintenance of state power generation units in the U.S. territory as part of an initial $22.5 million annual contract, the Associated Press reported.
The governing board of the Puerto Rico Electric Power Authority, the public corporation currently in charge of energy generation on the island, approved a contract that brings the U.S. territory one step closer to privatizing power generation, NBCNews.com reported.
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This wiki is a repository for members of the U.S. Congress, other policy makers, academics, investors, the media and the general public to understand the challenges facing Puerto Rico in 2016 and to provide data and information to begin crafting long term sustainable solutions. Click here to view.