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Article: Clinton Deal Zaps Business Tax Exemptions in Puerto Rico
- Article from:
- Chicago Sun-Times
- Article date:
- August 9, 1993
- Author:
CopyrightCopyright 1993 Chicago Sun-Times. (Hide copyright information)
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The free ride is over for American companies in Puerto Rico.
U.S. manufacturing operations will lose much of their tax exempt
status in the Caribbean commonwealth as a result of Clinton's newly
approved reduced-spending bill.
The loss is hitting locally based firms especially hard. Baxter
International is the largest employer in Puerto Rico, with about
6,000 workers at more than 10 facilities.
Sara Lee Corp. is the second largest, with about 5,000
employees. Abbott Laboratories and G.D. Searle & Co., with 2,600 and
500 workers respectively, typify the heavy presence of pharmaceutical
companies on the island. For Searle, it is one of their largest
facilities worldwide.
Baxter, Abbott ...