Monday, May 11, 2015

THE KEY TO PUERTO RICO STATEHOOD - THE COSTAS AMENDMENT


At our request, Attorney Roberto Santana, author of the Puerto Rico Statehood Bill "The Puerto Rico Admission Act", has included Section 16, which will serve as a factor in our desire to negotiate with CFC (Controlled foreign Corporations) and other interest groups that lobby intensively  against statehood for Puerto Rico, being the biggest obstacle that exists against statehood.

This amendment which we have named "The Costas Amendment" in honor of Attorney Luis Costas Elena, author of the studies and Thesis presented at Harvard in 1974,  who brought to light this tax scheme that has been the biggest obstacle to achieving statehood for Puerto Rico.

After  more than 25 years impacting the media and Congress, we have managed to raise awareness of the abuse of these corporations with the people of Puerto Rico and our right to become a state of the Union,

Given the situation this is currently being reviewed in the US Congress with the "Tax Reform Act" where it appears that there are plans to eliminate those benefits, the time is ripe for negotiating with these, our worst enemies, who have an army of powerful lobbyists battling against anything to do with statehood.  There is a saying, "If you can't beat them, join them" so we invite them to become our allies using their very powerful lobbyists to help us achieve statehood NOW.

HOW? The Costas Amendment" in the Statehood Admission Bill !  A 20 year tax break....

This is almost essential, since these companies and interest groups exercise strong political power over both political parties of Puerto Rico, so they support the no-tax benefits, which in turn is the backbone of the colonial status of Puerto Rico.

The golden key and our most powerful weapon to achieve Statehood is our weapon of negotiation: "THE COSTAS AMENDMENT".

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TAXATION
Section 16
            Upon the effective date of the Admission of the Commonwealth of Puerto Rico as the 51stState of the Union, those individuals and corporations then currently enjoying tax status and tax benefits existing under Puerto Rico Income, Gift and Estate Tax Statutes and the U.S. Internal Revenue Code on that date, shall continue in that status and with those benefits for a period of twenty (20) years from that effective date of Admission. The U.S. Internal Revenue Service shall promulgate such Rules and Regulations as may be deemed necessary and/or convenient in order to carry out this Statutory Provision.