Representative Nydia Velázquez’s office estimates that the U.S. government is losing billions in tax revenue due to the continued tax advantages under Act 60

Quotes that support claims

Rep. Velazquez’s office reportedly said Puerto Rico could lose roughly $4.5 billion in revenue from 2020 to 2026 due to the tax incentives in place. In contrast, Puerto Rico Governor Jenniffer González-Colón proposed extending Act 60, set to expire in 2035, to the end of 2055, but requiring applicants to be subject to a 4% capital gains tax rate, smaller than the typical range up to 37% in the US.

According to Velazquez’s office, Puerto Rico will lose an estimated $4.5 billion in revenue from 2020 to 2026 due to tax breaks for wealthy investors.