S. 2381: Puerto Rico Assistance Act of 2015

114th Congress · introduced 2015-12-09 · Government Operations and Politics · Latest: Read twice and referred to the Committee on Finance.

federal

Follow this bill, step by step

Where it came from: introduced 2015-12-09 · official record
Who proposed it: Sen. Hatch, Orrin G. [R-UT] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Finance. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Puerto Rico Assistance Act of 2015

Plain summary

Puerto Rico Assistance Act of 2015 TITLE I--TAXES The bill provides for a reduction in employment and self-employment tax rates for qualified residents of Puerto Rico, American Samoa, Guam, the Northern Mariana Islands, and the Virgin Islands during a payroll tax holiday period beginning after December 31, 2015, and ending before January 1, 2021. TITLE II--PUBLIC PENSIONS The bill requires reports on: (1) the financial condition of Puerto Rico public pension plans, and (2) state and local government employee pension benefit plans. The bill amends the Internal Revenue Code to provide for annuity accumulation retirement plans for state and local government employees beginning after 2015. TITLE III--PUERTO RICO FINANCIAL RESPONSIBILITY AND MANAGEMENT ASSISTANCE AUTHORITY The bill establishes the Puerto Rico Financial Responsibility and Management Assistance Authority to assist the Commonwealth government of Puerto Rico and its public corporations in achieving financial stability. The Authority shall initiate a control period for either the Commonwealth government or a public corporation by certifying that either such entity: (1) does not have sufficient revenue to meet is debt obligations, (2) has defaulted on a loan or other financial obligation, (3) is unable to meet payroll, (4) has a cash deficit, or (5) fails to make required pension payments. For each year in which the Commonwealth government or a public corporation is in a control period, the Governor of Puerto Rico or the emergency manager of a public corporation shall develop and submit to the Authority a financial plan and budget. A control period terminates when the Authority certifies that the Commonwealth government or its public corporations have adequate access to credit and have been solvent for a specified period. The bill sets forth standards to promote the financial stability of the Commonwealth government and its public corporations. The Authority may issue bonds at the request of the governor and pursuant to an act of the Legislative Assembly to raise revenue for the functioning of the Commonwealth government. The bill establishes the Office of the Chief Financial Officer of Puerto Rico. During a control period the Chief Financial Officer shall assist the governor in preparing financial plans and budgets and shall oversee other financial operations of the Commonwealth government. TITLE IV--ADDITIONAL REPORTS AND STUDIES The bill requires: (1) a report on the exclusion of U.S. territories from participation in health care exchanges, and (2) recommendations on the manner in which the federal government should more equitably allocate resources across U.S. territories. TITLE V--TRANSITION ASSISTANCE The bill authorizes appropriations, to remain available through FY2016, for use by the Authority to assist the transition of Puerto Rico to financial, fiscal, economic, and health care stability, the cost of which shall be offset by reductions in funding for the Prevention and Public Health Fund. TITLE VI--TECHNICAL ASSISTANCE The Department of the Treasury must provide technical assistance to U.S. territories (including Puerto Rico) for improved accounting and disclosure practices.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Puerto Rico Assistance Act of 2015

Source: Congressional Research Service summary (Introduced in Senate)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Hatch, Orrin G. [R-UT] · 2 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Lisa Murkowski (R-AK), Chuck Grassley (R-IA)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (4)

Appropriation: Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Bond: A way to borrow money. A government sells bonds to raise money now and promises to pay it back with interest over time. Bonds repaid from taxes often need voter approval.
Obligation: A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-114s2381.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/s>

Record fed-us-cong114-s2381 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114