The Chilean Senate approved the National Reconstruction bill in the early hours of Thursday, sending it to the Chamber of Deputies. The initiative includes tax stability for large investments and passed with 26 votes in favor and 24 against.
The vote concluded at 2:40 a.m. on Thursday after a session that began Wednesday at 3:00 p.m. The bill includes a tax stability regime for investment projects over 50 million dollars in sectors such as mining, energy and infrastructure, with terms of up to 20 years.
President José Antonio Kast welcomed the progress from the Infantry School in San Bernardo and said the project aims to restore tax competitiveness and investment to create jobs. Finance Minister Jorge Quiroz highlighted dialogue with political and municipal sectors that allowed fine-tuning amendments, including full compensation to municipalities for the property tax exemption for those over 65.
Opposition lawmakers such as Fabiola Campillai and Constanza Martínez criticized the measure and announced a challenge before the Constitutional Tribunal. The ruling coalition, meanwhile, hopes the lower house will approve the bill by a wider margin.
