Velázquez introduces bill to expand economic opportunity in P.R.
U.S. House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) has introduced H.R. 3372, the Small Business Contracting Credit Act of 2019, a bill to incentivize contracting opportunities for small businesses in Puerto Rico.
Velázquez’s bill would increase economic opportunity by spurring investment in local businesses and projects. The bill is cosponsored by Congressman Gilbert R. Cisneros, Jr. (D-CA).
H.R. 3372 builds off a measure passed by Velázquez as incorporated into the John S. McCain National Defense Authorization Act of 2019. That provision, which is now law, grants federal agencies the ability to double the value of the contracts awarded to Puerto Rican small businesses for the purposes of obtaining credit towards the small business prime contracting goal of twenty-three percent.
H.R. 3372 adds to this law by extending the same opportunities to subcontractors.
“Just like on the mainland, small businesses in Puerto Rico deserve a level playing field to compete for and to win opportunities to do business with the federal government,” said Velázquez.
“The Small Business Contracting Credit Act of 2019 is a commonsense measure to build upon current law and offer more opportunities to the small firms that make up the backbone of Puerto Rico’s economy. I urge the House to take up this bill quickly and I thank Congressman Cisneros for joining me in this effort,” she said.