(July 12, 2017 – San Juan, Puerto Rico) The Governor of Puerto Rico, Ricardo Rosselló, signed into law three bills to promote economic growth in Puerto Rico and to create new jobs for small and medium-sized businesses.
The new laws amend Law 20-2012, Law 22-2012 and Law 73-2008.
“The Plan for Puerto Rico outlined our commitment to promote small and medium-sized businesses and foster innovation and technology. With this law in effect, we will bolster service exports, while continuing to build on Puerto Rico as an attractive investment destination,” the Governor said.
The new laws reduce the regulatory burden on small and medium-sized businesses in order to promote investments and job creation.
Amendments to Law 22-2012 seeks to attract up to $5 billion dollars by promoting local investments in non-profits. Moreover, the new regulations remove red tape which will help attract capital through newly created tax incentives.
Amendments to Law 73-2008 promote investments in research and development by allowing companies – especially small and medium-sized ones – to benefit from tax incentives.
The Governor added that these new measures are part of the Administration’s efforts to grow the economy and put Puerto Rico on a new path forward. Recently enacted laws include amendments to the Public-Private Partnerships Law (P3s), the creation of a Destination Marketing Organization (DMO), Enterprise Puerto Rico, Labor Reform Law, and the Permitting Reform Law, among others. Rosselló also announced that comprehensive energy and tax reform plans are on the way and more details will be made public soon.