Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Puerto Rico to hike oil tax, avert public transit shutdown
Source: Reuters
Puerto Rico to hike oil tax, avert public transit shutdown
SAN JUAN Sun Nov 30, 2014 9:35pm EST
(Reuters) - Puerto Rico's legislature will agree to raise a tax on crude oil, the governor said in a televised speech on Sunday night, averting a shutdown of the island's public transit system and providing more clarity on the financial future of the U.S. commonwealth.
"It will not be necessary to cease operations of any public dependency tomorrow because we have the 26 votes to approve the measure and later the tax reform," Governor Alejandro García Padilla said in the address.
Lawmakers from the governor's own party had initially refused to agree to raise the tax by 68 percent. The increase is intended to back a bond sale of up to $2.9 billion, critical for the island's financial health.
(Reporting by Reuters in Puerto Rico; writing by Edward Krudy; editing by Megan Davies and Phil Berlowitz)
SAN JUAN Sun Nov 30, 2014 9:35pm EST
(Reuters) - Puerto Rico's legislature will agree to raise a tax on crude oil, the governor said in a televised speech on Sunday night, averting a shutdown of the island's public transit system and providing more clarity on the financial future of the U.S. commonwealth.
"It will not be necessary to cease operations of any public dependency tomorrow because we have the 26 votes to approve the measure and later the tax reform," Governor Alejandro García Padilla said in the address.
Lawmakers from the governor's own party had initially refused to agree to raise the tax by 68 percent. The increase is intended to back a bond sale of up to $2.9 billion, critical for the island's financial health.
(Reporting by Reuters in Puerto Rico; writing by Edward Krudy; editing by Megan Davies and Phil Berlowitz)
http://www.reuters.com/article/2014/12/01/us-usa-puertorico-governor-idUSKCN0JF14X20141201
