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Sec. 30a Puerto Rico wage-based tax credit enhancement proposed in Clinton budget.

Executive Summary

PUERTO RICO WAGE TAX CREDIT (SEC. 30a) WOULD BE PERMANENT AT 60% under a proposal in the FY 1998 budget released by the Clinton Administration Feb. 6. Sec. 30a is the new tax code section created in 1996 for the wage-based credit available to companies operating in Puerto Rico and other possessions. It was established under the phased-in repeal of the Sec. 936 tax credit enacted by the 104th Congress ("The Pink Sheet" June 17, 1996, T&G-3). The existing Sec. 30a code phases out the wage credit in 2005, and only allows companies previously claiming the wage-based possessions tax credit to continue to receive the credit.

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