Puerto Rico Fiscal Board Rejects Tax Plan Passed by Legislature

The board overseeing Puerto Rico’s finances and debt restructuring rejected a tax plan just approved by lawmakers, aimed at implementing the largest tax cuts in the island’s recent history.

The Puerto Rico House of Representatives on Wednesday approved a conference committee measure (H.B. 1839)—after the original tax package proposed by Gov. Pedro Pierluisi underwent changes in the Senate—including cuts for both corporations and individuals.

“The bill, one of the largest tax cuts in Puerto Rico’s recent history coming only a year after emerging from bankruptcy, would reduce Government revenues by about $750 million this fiscal year and by ...