This bill would provide $4.67 billion in disaster relief for Puerto Rico and modify the tax code to provide $15 billion in tax relief for residents of Puerto Rico and other U.S. territories.
The $4.67 billion in FY2020 supplemental appropriations for disaster relief would be for programs within the following agencies:
Dept. of Energy;
Dept. of Education;
Federal Highway Administration;
Dept. of Housing and Urban Development; and
Dept. of Agriculture.
The programs in those agencies receiving funding would address issues such as:
Cybersecurity, energy security, and emergency response;
Educational needs of individuals affected by natural disasters and emergencies;
Repairs to roads affected by natural disasters and emergencies;
Community development; and
Disaster nutrition assistance.
This bill would also expand tax credits and other tax rules (totaling roughly $15.385 billion over the 2020-2030 period) for residents of Puerto Rico and other U.S. territories, including:
The child tax credit;
The earned income tax credit (EITC);
The low-income housing tax credit;
The new markets tax credit;
The amount of distilled spirits excise tax paid to the treasuries of Puerto Rico and the Virgin Islands; and
An employee retention tax credit.