Puerto Rico has been announced as one of 19 TechHire communities dedicated to creating pathways for more U.S. citizens to access well-paying tech jobs and expanding local tech sectors in communities across the country, the White House announced Thursday.
Most manufacturing in Puerto Rico is done by subsidiaries of companies based in the States organized in foreign tax havens to avoid Commonwealth as well as federal taxes. Income of the subsidiaries is not federally taxed unless transferred to the parent company, when it would then owe the 35 percent corporate income tax rate.
A team of federal officials representing several agencies will come to Puerto Rico next month to help the local government navigate through the economic crisis, prompting more rumblings of the possibility of a receivership for the island.
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