Emergency Supplemental Appropriations for Disaster Relief and Puerto Rico Disaster Tax Relief Act, 2020

Floor Speech

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Mr. NEAL. Madam Chair, I thank Chairwoman Lowey for yielding me the time.

I am happy to stand in support of this legislation today. This is a disaster relief package that I worked on with Chairwoman Lowey, Congresswoman Velazquez, and Resident Commissioner Gonzalez-Colon.

In addition to providing supplemental appropriations to respond to the recent natural disasters that affected Puerto Rico and other U.S. territories, H.R. 5687 includes the Puerto Rico Disaster Tax Relief Act. These provisions will help Puerto Rico rebuild its homes and communities and provide much-needed relief to workers and families after these devastating earthquakes.

Specifically, H.R. 5687 provides additional allocations of the low- income housing tax credit, which will allow critical investments in new affordable housing throughout the island. It also makes additional allocations to the new markets tax credit in Puerto Rico, allowing the island to make important investments, like rebuilding community centers and hospitals in low-income neighborhoods.

This legislation helps Puerto Rico and other territories implement the earned income tax credit and the child tax credit, two of the most powerful tools we have to combat poverty.

Last year, the Committee on Ways and Means reported out similar provisions in our consideration of H.R. 3300, the Economic Mobility Act.

Today, many Puerto Rican residents can be taxed into poverty from the U.S. payroll taxes that they pay. With our changes to the tax credit, we are creating long-awaited parity between the residents of Puerto Rico and the residents of the 50 other States.

Additionally, the earned income tax credit is one of the most important work incentives we have in our code. This bill certainly rewards work.

And, Madam Chair, I want to acknowledge Bill Pascrell from New Jersey, who did much of the good work in helping get to those success stories. We encourage work, we reduce poverty. This is a win-win for the island.

As Puerto Rico and other territories try to recover from natural disasters, it is appropriate that we are taking action to ensure that these territories have access to these critical tools for community development and poverty reduction.

It is impossible to deny the suffering on the ground today on the island of Puerto Rico. It is my hope that Congress will come together, as it has in the past, to help all members of the American family.

We also urge full support on the other side. We took into consideration what they had to say at the committee.

Madam Chair, I want to thank Chairwoman Lowey for moving this legislation swiftly to the floor today.

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