GGD-92-72BR Pharmaceutical Industry: Tax Benefits of Operating in Puerto Rico
i I IJnitcd States General Accounting Office *” , & # __- -- I GAO Briefing Report to the Chairman, Special Committee on Aging, ITS Senate May lW2 PHARMACEUTICAL INDUSTRY Tax Benefits of Operating in Puerto Rico 146616 RESTRICTED--Not to be releasbd outside the General Accounting Office unless specifically approved by the Offlce of Congressional Relations. RELEASED GAO United States General Accounting Office Washington, D.C. 20548 General Government Division B-248098.1 May 4, 1992 The Honorable David Pryor Chairman, Special Committee on Aging United States Senate Dear Mr. Chairman: This briefing report responds to your November 14, 1991, request for detailed information about the pharmaceutical industry's tax benefits obtained from operating in Puerto Rico in the 1980s. We are continuing our work on your request to review other major tax benefits used by the pharmaceutical industry. BACKGROUND Section 936 of the Internal Revenue Code provides a tax credit equal to the federal tax liability on certain income earned in Puerto Rico and certain U.S. possessions. …
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