Island birth rate plummets in 2023
The number of births in Puerto Rico dropped dramatically in 2023 falling to their lowest levels since record-keeping began in 1888. Only 17,772 births were registered during the year compared to 19,163 births in 2022, a sharper decrease than was expected and less than half of those reported just a decade ago. Demographers call the decrease worrisome and warn that the trend is expected to continue based on current fertility rates. A fertility rate of 2.1 would allow for parental replacement; Puerto Rico’s current figure is below .90.
Puerto Rican legislators to consider “refundable incentive”
When they begin their new legislative session this week, Puerto Rican lawmakers are expected to approve a resolution, RCC 583, that would allow the government to return an estimated $250 million to taxpayers. The mechanism is known as a “refundable incentive” and would benefit approximately 177,000 taxpayers. Both House Speaker Rafael “Tatito” Hernández Montañez and House Treasury Committee Chairman Jesús Santa said that they expected the resolution to pass on the first day of the new session.
Major changes to tax system not a certainty in 2024, official cautions
An official of the Financial Advisory Authority and Fiscal Agency acknowledged that the outlook for changes to Puerto Rico’s tax system “is not necessarily in our favor” in 2024. Although talks could be initiated in the coming months, Omar J. Marrero Díaz, the executive director of the agency, cautioned that the looming 2024 elections and the number of pending fiscal issues could impede the approval of any changes. Among the topics to be addressed during the six-month legislative session will be the Island’s budget and the restructuring of the Puerto Rico Electric Power Authority (PREPA) debt.
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