Brattle Consultants Coauthor an Article on Local Municipal Market Concentration in Puerto Rico
Principal Ioannis Gkatzimas and Senior Associate Dr. Ryan Leary recently coauthored an article on local municipal market concentration in Puerto Rico.
In the article, the authors discuss how the US federal estate tax imposes a substantial tax burden on the US assets of Puerto Rican estates but that local assets are completely sheltered from it. The authors provide evidence that Puerto Ricans successfully sheltered from the federal estate tax by holding local municipal debt, which – among other factors– may have worsened the economic impact of the country’s debt crisis in 2013.
The full article, “Local Municipal Market Concentration: The Case of Puerto Rico and the Federal Estate Tax,” was accepted for publication by the National Tax Journal on June 13, 2024, published online on October 17, 2024, and will be published in print in December 2024.
