Puerto Rico freezes tax credits, $1.8B in funds amid crisis

SAN JUAN, Puerto Rico – Puerto Rico’s government announced Tuesday that it is freezing all future tax credits and nearly $2 billion in funds for special assignments to help improve cash flow and balance the budget for a U.S. territory mired in a decade-long recession. They are the latest measures taking effect as a federal control board that oversees the island’s finances gets ready to approve a fiscal plan many believe will be amended to include severe austerity measures.