reglab/statecodes huggingface dataset:
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 257 - SMBs Job Generation and Retention Act (§§ 11111 — 11144) › Subchapter III - Procedural Provisions (§§ 11131 — 11137) › § 11136 - Permissive and mandatory revocation procedure

(a) Permissive revocation.—
(1) When an eligible SMB fails to meet any of the obligations imposed thereon by this subchapter, the regulations adopted thereunder or by the terms of the job creation agreement.
(2) When the eligible SMB fails to comply with the creation of eligible incremental jobs or the retention of the total number of employees, as established for such purposes in the agreement.
(3) When the eligible SMB fails to comply with its tax liability under the Code, any payment plan established, and other tax laws of Puerto Rico.
(b) Mandatory revocation.—
(1) The Executive Director shall revoke any job creation or retention agreement entered into under this subchapter when the same has been obtained by fraud or misrepresentation as to the nature of the eligible SMB or the eligible incremental jobs generated, the retention of the total number of employees or any other facts or circumstances that, wholly or partially, led to the execution of the agreement.
(2) In the case of this revocation, the Eligible SMB shall be deemed to have filed a false or fraudulent return with the intent to evade taxes and, therefore, shall be subject to the penal provisions of the Code. Taxes owed, which were until then exempt and unpaid, shall become due and payable from the date they would have been due and payable were it not for the job creation and/or retention agreement, and shall be assessed and collected by the Government official with authority to do so.
(c) Procedure.— In case of revocation of an agreement entered into as provided in this subchapter, the eligible SMB shall have the opportunity to appear before and be heard by the Executive Director or any other person designated by the latter for such purpose who shall notify the Executive Director of his/her conclusions and recommendations.
History —July 31, 2014, No. 120, § 3.6.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 257 - SMBs Job Generation and Retention Act (§§ 11111 — 11144) › Subchapter III - Procedural Provisions (§§ 11131 — 11137) › § 11137 - Incentive recovery procedure

If a job creation or retention agreement is revoked pursuant to § 11136 of this title, the sums equivalent to the benefits granted thereunder shall be deemed to be sums owed for the taxable year in which the revocation occurs, and shall be paid by the eligible SMB affected by such revocation. The Executive Director shall hand over the file of the eligible SMB to the Secretary of the Treasury as it appears in the records of the Company within ten (10) days of the revocation of the agreement. The Eligible SMB shall file a report with the Secretary of the Treasury itemizing the benefits obtained under this chapter, enclosed with the payment of such benefits, within ninety (90) days as of the revocation. The Secretary of the Treasury shall notify the eligible SMB of any discrepancies in connection with the benefit report within one (1) year after such report is filed.
History —July 31, 2014, No. 120, § 3.7.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 257 - SMBs Job Generation and Retention Act (§§ 11111 — 11144) › Subchapter IV - Final Provisions (§§ 11141 — 11144) › § 11141 - Periodic reports

The Company shall be responsible for requiring eligible SMBs that enter into agreements under this chapter to file reports, as necessary, and to ensure that the terms and conditions set forth in the agreements are fully met.
History —July 31, 2014, No. 120, § 4.1.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 257 - SMBs Job Generation and Retention Act (§§ 11111 — 11144) › Subchapter IV - Final Provisions (§§ 11141 — 11144) › § 11142 - Nature of the agreements

(a) A job creation or retention agreement issued by virtue of this chapter shall be deemed to be a contract between the Government and the eligible SMB, its shareholders, members, investors, partners, and/or owners. Such contract shall have force of law between the parties. It shall also be construed liberally, according to the purposes of this chapter, in order to promote the public policy set forth herein. The Executive Director, on behalf and in representation of the Government, shall exercise discretion to include any terms and conditions, grants, and exemptions that are consistent with the purpose of this chapter, which seeks to promote job creation and retention through the socioeconomic development of Puerto Rico, taking into consideration the nature of the petition or action requested, as well as the facts and circumstances that may apply in each particular case.
(b) The agreement shall not be awarded if the Executive Director deems that granting the benefits of the agreement would adversely affect market competition.
History —July 31, 2014, No. 120, § 4.2.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 257 - SMBs Job Generation and Retention Act (§§ 11111 — 11144) › Subchapter IV - Final Provisions (§§ 11141 — 11144) › § 11143 - Forms and regulations under this chapter

The PRTEC shall prepare a form, for statistical purposes, to be submitted by every eligible SMB when applying for the incentives provided in this chapter. In addition, the Company shall promulgate regulations as are necessary to enforce the provisions and achieve the purposes of this chapter and, in doing so, it may consult with the Secretary of the Treasury and any other pertinent agency with jurisdiction over the incentives provided in this chapter. Such regulations shall also be subject to the provisions of §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedures Act for the Commonwealth of Puerto Rico”. The absence of any regulations as proposed in this chapter shall not impair the application thereof.
History —July 31, 2014, No. 120, § 4.3.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 257 - SMBs Job Generation and Retention Act (§§ 11111 — 11144) › Subchapter IV - Final Provisions (§§ 11141 — 11144) › § 11144 - Funds

The funds to achieve the purposes of this chapter shall derive from the Entrepreneurship Fund, and the Legislative Assembly shall also annually appropriate special funds for the PRTEC to enforce the job creation and retention mandates of this chapter, as well as the use of funds under Act No. 52-1991, as amended, to defray the wage refunds provided under this chapter through the mechanisms provided by the Job Promotion Bureau of the Department of Labor and Human Resources.
History —July 31, 2014, No. 120, § 4.4.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 258 - Puerto Rico Integrated Transit Authority (§§ 11161 — 11181) › § 11162 - Creation

In order to carry on with the government’s work of providing the people with the best modes of transportation; uniformly implementing the public policy on public transportation, rail transport, and maritime transport; facilitating the mobility of persons and students; reducing to the maximum extent feasible any risks and inconveniences posed by traffic congestion in the highways of the Commonwealth of Puerto Rico; meeting the growing demand for more and better transportation facilities that Puerto Rico’s economic growth requires; contributing with the development and implementation of the transportation plan defined in this chapter; and promoting the development of areas surrounding train stations, bus terminals, and intermodal or multimodal stations, a body corporate and politic is hereby created as a public corporation and government instrumentality of the Commonwealth of Puerto Rico attached to the Department of Transportation and Public Works, with legal standing and juridical personality separate and independent from those of the Commonwealth of Puerto Rico, to be known as the Puerto Rico Integrated Transit Authority (hereinafter the “Authority”).
It shall be understood that any debt, obligation, contract, bond, note, promissory note, receipt, expense, account, funds, venture, or property of the Authority, its officials, agents, or employees belongs to the Authority rather than to the Commonwealth of Puerto Rico or any office, bureau, department, commission, entity, municipality, branch, agency, official, or employee thereof.
History —Aug. 3, 2014, No. 123, § 3.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 258 - Puerto Rico Integrated Transit Authority (§§ 11161 — 11181) › § 11165 - Funds and accounts

The moneys of the Authority shall be deposited in a recognized depository institution for funds of the Commonwealth of Puerto Rico, but shall be kept in a separate account or accounts in the name of the Authority. Fund disbursements shall be made in accordance with the regulations and budgets approved by the Authority.
The Authority, in consultation with the Secretary of the Treasury, shall establish the accounting system required for the proper control and statistical records of income and expenditures pertaining to, or administered or controlled by the Authority. The Authority’s accounts shall be kept in such form as they may be separated to the extent deemed advisable according to the Authority’s different types of operations, projects, undertakings, and activities.
Budget appropriations from the General Fund, the Special Integrated Public Transportation Development Fund created under this chapter, the Puerto Rico Special Public Transportation Restructuring Fund created under this chapter, any other special funds under the custody of the Authority created from time to time or any other funds that the Authority may receive from legislative appropriations or provision of law, shall be accounted for in the central accounting system of the Department of the Treasury (PRIFAS) and deposited in the Government Development Bank. Notwithstanding the foregoing, the Office of Management and Budget, the Department of the Treasury, and the Government Development Bank may grant dispensations for the accounting and deposit requirements established in this paragraph with the consent of all three entities.
History —Aug. 3, 2014, No. 123, § 6.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 258 - Puerto Rico Integrated Transit Authority (§§ 11161 — 11181) › § 11166 - Acquisition of property by the Commonwealth for the Authority

(a) The Authority may exercise the power of eminent domain by directly initiating the process by itself or by petition, in accordance with the procedure described in subsection (b) of this section, when deemed convenient by the Board. Any procedure for eminent domain initiated by the Authority shall be carried out in accordance with this chapter, and the procedures for eminent domain established in the laws of the Commonwealth of Puerto Rico.
(b) By petition of the Authority, the Governor of the Commonwealth of Puerto Rico or the Secretary may acquire by means of purchase, eminent domain, or other lawful means on behalf and in representation of the Commonwealth of Puerto Rico and for use and benefit of the Authority, in the manner provided in this chapter and the laws of the Commonwealth of Puerto Rico regarding eminent domain, the title of any property or interest thereon, that the Authority deems necessary or convenient to carry out its purposes, including its future needs. The Authority may make available in advance to such officials those funds that may be needed to pay for such property, and once acquired, reimburse to the Commonwealth of Puerto Rico any amount paid that has not been previously delivered. Once the Commonwealth of Puerto Rico receives such reimbursement (or within a reasonable time if the total cost or value of the property has been paid in advance by the Authority) the title of the property thus acquired shall be transferred to the Authority. If the property is acquired by eminent domain, the title thereof shall be transferred to the Authority by order of the court in question with proof that the Authority has paid in advance or reimbursed the total cost of such property. The Secretary shall make arrangements as are necessary so that the Authority may exploit and control such property for the benefit of the Commonwealth of Puerto Rico until the title has been transferred to the Authority. The power granted herein shall, in no way, limit or restrict the power of the Authority to acquire property. The title of any property acquired or held by the Commonwealth of Puerto Rico, including its public corporations, before the effective date of this act or that may be acquired or held in the future and that is deemed necessary or convenient to achieve the purposes of the Authority, may be transferred to the latter by the official in charge of the government or quasi-governmental entity that holds the title of such property or has such property under its custody, under the terms and conditions established by the Governor or official or agency to whom he/she delegates.
History —Aug. 3, 2014, No. 123, § 7.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 258 - Puerto Rico Integrated Transit Authority (§§ 11161 — 11181) › § 11168 - Transfer of funds and property

Notwithstanding any provision of law to the contrary, all departments, instrumentalities, entities, agencies, public corporations, municipalities, and political subdivisions of the Commonwealth of Puerto Rico are hereby authorized to assign and transfer to the Authority, upon the latter’s request and under reasonable terms and conditions, any property or interest thereon (including property already devoted to public use) that the Authority deems necessary or convenient to carry out its purposes. When in its judgment it is more convenient to achieve the purposes of this chapter, the Authority may transfer to the agencies, departments, instrumentalities, entities or political subdivisions, including the municipalities of the Commonwealth of Puerto Rico, the necessary funds so that said government bodies may engage in the construction, operation, and maintenance of public transportation, rail transport, and maritime transport facilities that are or may be under the jurisdiction of the Authority, as well as acquire rights-of-way needed to achieve such purposes.
History —Aug. 3, 2014, No. 123, § 9.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 258 - Puerto Rico Integrated Transit Authority (§§ 11161 — 11181) › § 11170 - Remedies of bondholders

(a) Any holder of bonds or any trustee therefor, subject to any mandatory contractual obligations of holders of bonds or trustees therefor, including, but not limited to, the restriction of the exercise of any remedy to a specified proportion or percentage of such holders, shall have the right for the equal benefit or protection of every holder of bonds similarly situated, may be entitled and empowered:
(1) By mandamus or any other suit, action or proceeding at law or in equity, to enforce any and all rights against the Authority and its officers, agents, and employees, to compel any of the latter to perform and carryout duties and obligations under this chapter, and to honor its agreements and covenants with bondholders;
(2) By action or suit in equity, to require the Authority to account as if it were the trustee of an express trust;
(3) By action or suit in equity, enjoin any acts or things that may be unlawful or in violation of rights of bondholders; and
(4) Bring action upon the bonds.
(b) No remedy conferred by this chapter to any holder of bonds or trustee therefor, is intended to be exclusive of any other remedy, but each remedy is cumulative and in addition to every other remedy and may be exercised without exhausting and without regard to any other remedy conferred by this chapter or any other law. A waiver of any default or breach of duty or contract by any bondholder or his trustee shall not apply to or affect any subsequent default or breach of duty or contract, nor impair any rights or remedies in connection therewith. The delay or omission of any bondholder or his/her trustee to exercise any right or power with regard to a breach shall not impair the right or power and is not a waiver of the default or acquiescence in it. Any substantive right and remedy conferred upon bondholders may be enforced or exercised from time to time and as often as it is deemed expedient. If any suit, action, or proceeding to enforce any right or exercise any remedy is abandoned or determined adversely to the bondholder or his/her trustee, then in each of these cases, the Authority and such bondholder or trustee shall be restored to their former positions, rights, and remedies as if such suit, action, or proceeding had not been brought.
History —Aug. 3, 2014, No. 123, § 11.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 258 - Puerto Rico Integrated Transit Authority (§§ 11161 — 11181) › § 11171 - Bonds shall constitute lawful investments for trustees and guarantees for deposits

The bonds issued by the Authority shall be lawful investments and may be accepted as security for any trust fund or public fund whose investment or deposit shall be under the authority or control of the Government of Puerto Rico or any officer or officers thereof.
History —Aug. 3, 2014, No. 123, § 12.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 258 - Puerto Rico Integrated Transit Authority (§§ 11161 — 11181) › § 11172 - Tax exemption

(a) It is found, determined, and declared that the Authority has been created and shall exercise its powers to: further the general welfare and increase trade and progress, which are, in all respects, public purposes for the benefit of the People of Puerto Rico and, therefore, the Authority shall not be required to pay taxes or levies on any property, including but not limited to, real and personal property, acquired by the Authority or under its jurisdiction, control, possession, or supervision, or on its activities with respect to the operation and maintenance of any public transportation, maritime transport, and rail transport facility, or on any income derived from any of its ventures or activities.
(b) The Authority shall also be exempt from payment of any type of fees, taxes, or levies required by law, at present or in the future, in connection with court proceedings, the issue of certifications by any office and agency of the Commonwealth of Puerto Rico, and the execution of public documents and their recording in any public registry of Puerto Rico. Likewise, and notwithstanding any other law or regulation of the Commonwealth of Puerto Rico or resolution or ordinance of any municipality or subdivision of the Commonwealth of Puerto Rico providing otherwise, the Authority shall be exempt from payment of any type of fees, stamps, vouchers, tariff, contributions, charges, expenses, or other emoluments required by any agency, government entity, or quasi-governmental entity, public corporation, or subdivision of the Commonwealth of Puerto Rico or any of its municipalities.
(c) For the purpose of enabling the Authority to collect the funds needed to carryout its corporate purposes, the bonds issued by the Authority and the proceeds thereof shall be exempt from taxation now and hereafter.
History —Aug. 3, 2014, No. 123, § 13.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 258 - Puerto Rico Integrated Transit Authority (§§ 11161 — 11181) › § 11173 - Declaration of public utility

For purposes of § 11166 of this title, every public transportation, maritime transport, and rail transport facility, and any property that the Authority deems necessary or convenient to use in order to fulfill the purposes of this chapter are hereby declared as public utilities.
History —Aug. 3, 2014, No. 123, § 14.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 258 - Puerto Rico Integrated Transit Authority (§§ 11161 — 11181) › § 11174 - Injunctions

No injunction shall be issued, whether provisional, preliminary, or permanent, to prevent the application of this chapter or any part thereof.
History —Aug. 3, 2014, No. 123, § 15.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 258 - Puerto Rico Integrated Transit Authority (§§ 11161 — 11181) › § 11178 - Officials and employees

(a) Any appointments, separations, promotions, transfers, layoffs, relocations, suspensions, leaves, and changes in the classification, compensation, or title of the officials and employees of the Authority shall be made or allowed in accordance with the rules and regulations approved by the Authority and the Collective Bargaining Agreements in effect as of the date of approval of this act. The Authority’s officials and employees shall be entitled to reimbursement of any necessary travel expenses or, in lieu thereof, the corresponding per diems as authorized through regulations approved by the Authority. Notwithstanding, the Authority’s employees and officials shall not be entitled to the payment or reimbursement of any necessary travel expenses, including mileage or, in lieu thereof, per diems when the Executive Director requires the duly justified permanent transfer of such employee or official, as authorized by the Chair of the Board, whether voluntary or involuntary, among the different facilities or offices of the Authority. Employees or officials of any Board, commission, agency, instrumentality, or public corporation or department of the Commonwealth of Puerto Rico who are appointed by the Authority and who, at the time of such appointment, were participants of any retirement system or savings and loan plan shall continue to have, after such appointment, the same rights, privileges, obligations and status with respect to the same as provided by law for any employee or official who holds similar positions in the Government of Puerto Rico.
(b) Any person who has a direct or indirect financial interest in any private company doing business with the Authority or in any business whose main activities are related to the acquisition, construction, design, operation, or maintenance of traffic facilities shall not hold office as a member, official, employee, or agent of the Authority. In the event incompatibility affects a member of the Board, his/her office shall be left vacant, and such vacancy shall be filled by any other head of department or agency of the Commonwealth of Puerto Rico, as the case may be, appointed by the Governor for the duration of such incompatibility.
History —Aug. 3, 2014, No. 123, § 19.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 258 - Puerto Rico Integrated Transit Authority (§§ 11161 — 11181) › § 11179 - Inconsistent provisions

If any provision of this chapter were in conflict with the provisions of any other law of the Legislative Assembly of Puerto Rico, the provisions of this chapter shall prevail.
History —Aug. 3, 2014, No. 123, § 20.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 258 - Puerto Rico Integrated Transit Authority (§§ 11161 — 11181) › § 11180 - Regulations, administrative orders, circular letters, and memoranda

Any regulations governing the operations of the public transportation, maritime transport, and rail transport facilities that are in effect as of the effective date of this Act, insofar as they are not inconsistent with the provisions of this chapter, shall remain in effect until the same are amended, repealed, or substituted. Likewise, any administrative order, circular letter, memorandum, or interpretive document of the Highways and Transportation Authority regarding any matter covered under this chapter which was issued prior to the effective date of this act shall be evaluated and amended accordingly within one hundred eighty (180) days counted from the effective date of this act. Any other administrative order, circular letter memorandum, or interpretive document that is inconsistent with the provisions of this chapter or the regulations adopted thereunder, shall be rendered invalid and ineffective.
History —Aug. 3, 2014, No. 123, § 21.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 258 - Puerto Rico Integrated Transit Authority (§§ 11161 — 11181) › § 11181 - Conflicts

It is hereby provided that in the event that the provisions of this chapter are inconsistent or in conflict with the provisions of §§ 9101 et seq. of Title 3, better known as the “Government of the Commonwealth of Puerto Rico Special Fiscal and Operational Sustainability Act”, the provisions of §§ 9101 et seq. of Title 3 shall prevail.
History —Aug. 3, 2014, No. 123, § 23.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 259 - Young Entrepreneurs Incentive and Financing Act (§§ 11191 — 11202) › § 11191 - Title

This Act shall be known as the “Young Entrepreneurs Incentive and Financing Act”.
History —Aug. 7, 2014, No. 135, § 1.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 259 - Young Entrepreneurs Incentive and Financing Act (§§ 11191 — 11202) › § 11192 - Student loan refinancing

The Economic Development Bank for Puerto Rico shall devise a plan that allows for the refinancing of student loans, at competitive rates, which shall not exceed six percent (6%) of annual compound interest, subject to the commitment of the applicant to remain and work in the jurisdiction of the Commonwealth of Puerto Rico for at least six (6) years or the repayment term offered, whichever is greater. Students enrolled in graduate school in an accredited institution outside of Puerto Rico shall be exempt from this residency requirement. However, once they complete their studies, said students shall meet the minimum Puerto Rico residency requirement established. The Economic Development Bank may bring a legal action in accordance with the terms established in the applicable laws, in the event of noncompliance with the terms established herein. In any case, said refinancing shall only be granted when it is part of an application for financing for the development of a business by a Young Entrepreneur and evidence is furnished by the applicant of having received business training courses offered by the Department of Economic Development and/or the Foreign Trade Entrepreneurship Institute of the Trade and Export Company. The applicant shall present attesting evidence of having completed said courses.
The Bank shall establish through regulations or administrative determination, the terms and special conditions to devise the plan.
History —Aug. 7, 2014, No. 135, § 4.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 259 - Young Entrepreneurs Incentive and Financing Act (§§ 11191 — 11202) › § 11193 - Definitions

For purposes of this chapter, the following terms and phrases shall have the meaning stated below:
(a) Special Youth Business Creation Agreement or Agreement.— Shall mean an agreement entered into by and between a young entrepreneur (as defined in this section) and the Puerto Rico Trade and Export Company. The young entrepreneur shall commit to the development of his/her business, the creation of jobs, and other conditions, as appropriate, in exchange for the applicable benefits provided in this chapter. Applicable benefits shall be specifically listed in the agreement. The agreement shall establish the effective term thereof and shall expire upon expiration of the benefits granted thereunder, as provided in this chapter and the obligations agreed upon in the agreement itself.
(b) Young entrepreneur.— Shall mean any individual who is a resident of Puerto Rico, between the ages of sixteen (16) and thirty-five (35), who is interested in creating and operating over the long-term a new business in Puerto Rico for an unspecified term, and who has obtained a high school diploma or an equivalency certificate of the Department of Education of Puerto Rico.
(c) New business created by a young entrepreneur or New business.— Shall mean any business that begins its main business operations after executing a special youth business creation agreement. The new business shall be operated solely by young entrepreneurs, as defined in this chapter. No business that has been operating through affiliates or resulting from a reorganization, as defined in §§ 30011 et seq. of Title 13, known as the “Internal Revenue Code for a New Puerto Rico” shall be considered a new business.
History —Aug. 7, 2014, No. 135, § 5.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 259 - Young Entrepreneurs Incentive and Financing Act (§§ 11191 — 11202) › § 11194 - Youth business development incentive and financing plan

The Youth Development Program, attached to the Department of Economic Development and Commerce, in collaboration with the Trade and Export Company and the Economic Development Bank for Puerto Rico shall devise a financing plan for the development of youth businesses which shall entail a partnership between the instrumentalities of the Executive Branch to support young entrepreneurs in their training, incubation, and financing process, among others, subject to the commitment of the young entrepreneur to establish and develop a new business in Puerto Rico. Such plan shall include: guidelines for establishment of businesses in Puerto Rico; the incentives available for youths in accordance with this chapter; and all the information needed to provide advice and facilitate the creation of new businesses by young entrepreneurs.
The plan shall be published in the websites of the Trade and Export Company, the Economic Development Bank for Puerto Rico, and the Department of Economic Development and Commerce, respectively, within thirty (30) days after the approval of this act.
History —Aug. 7, 2014, No. 135, § 6.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 259 - Young Entrepreneurs Incentive and Financing Act (§§ 11191 — 11202) › § 11195 - Powers and responsibilities of the Trade and Export Company

The Trade and Export Company shall be the entity responsible for certifying to the Youth Development Program and the Economic Development Bank the new businesses created by young entrepreneurs that are eligible for the incentives provided herein.
Every new business that enters into a special youth business creation agreement with the Trade and Export Company may avail itself of all the incentives available under this chapter. The terms, conditions, and requirements related to these benefits and incentives shall be governed by the provisions of this chapter, the regulations thereunder, or the specific terms of each agreement.
History —Aug. 7, 2014, No. 135, § 7.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 259 - Young Entrepreneurs Incentive and Financing Act (§§ 11191 — 11202) › § 11197 - Expedited process to obtain government permits and certifications

The Youth Development Program shall create an expedited process for new business that have executed an agreement, as defined in this chapter, to have priority when requesting any government permits, licenses, and certifications required to begin operating in Puerto Rico. The Program shall develop a system to refer new businesses to the government agencies responsible for granting government benefits, issuing certifications and permits, among others.
In order for a new business to request the expedited permit granting process, said new business shall submit a copy of the special youth business creation agreement entered into with the Trade and Export Company which certifies the new business as such. This shall not constitute an impairment to request and obtain permits under the regular procedure established in §§ 9018n y 9018o of this title, known as the “Puerto Rico Permit Process Reform Act”.
The guidelines of the expedited process for permit evaluation and granting shall be included in the Youth Business Development Incentive and Financing Plan, established in § 11194 of this title.
In the administrative context, the Permit Management Office shall use its existing digital information system. However, it shall create a new website to be known as the “Permits for New Business Created by Young Entrepreneurs”, to expedite the permit evaluation and granting process, in accordance with the provisions of this chapter.
History —Aug. 7, 2014, No. 135, § 9.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 259 - Young Entrepreneurs Incentive and Financing Act (§§ 11191 — 11202) › § 11198 - Real property government inventory

The Puerto Rico Industrial Development Company, in conjunction with the Land Authority, shall create an inventory of the real property of the Government of the Commonwealth of Puerto Rico (ELA, Spanish acronym) that may be made available to young entrepreneurs to establish a new business, as defined in this chapter. These government entities shall: (1) give priority to the establishment of new businesses in municipalities where unemployment rates exceed the median of the Island’s unemployment rate, according to the report entitled “Unemployment Statistics by Municipality”, prepared on a monthly basis by the Bureau of Labor Statistics of the Department of Labor and Human Resources; and (2) establish through regulations the cost of the properties.
Agencies must complete the inventory process within thirty (30) days after the approval of this act.
Every agency, public corporation, and instrumentality of the Commonwealth of Puerto Rico is hereby directed to submit an inventory of available properties, in accordance this chapter, within thirty (30) days after such inventory has been required.
History —Aug. 7, 2014, No. 135, § 10.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 259 - Young Entrepreneurs Incentive and Financing Act (§§ 11191 — 11202) › § 11199 - Financing; venture capital investment

Subject to the eligibility criteria provided by the Economic Development Bank for Puerto Rico, it is hereby directed:
(a) To develop a specialized program to address the financing and advisory needs of young entrepreneurs. This program shall establish the parameters to give discounts on the fees and interest rates corresponding to the financing of a new business, as defined in this chapter. For the purpose of providing financial advisory services to young entrepreneurs, the Economic Development Bank for Puerto Rico and the Trade and Export Company shall coordinate the manner in which services shall be rendered.
(b) To create a venture capital investment program that shall serve as an incentive to develop new businesses. This program shall establish a Special Investment Capital Fund as an instrument to support the creation of new businesses by young entrepreneurs. The Economic Development Bank for Puerto Rico may enter into agreements within this program that allow for the acquisition of shares and participation in the board of directors of new businesses that receive funds from this program.
History —Aug. 7, 2014, No. 135, § 11.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 259 - Young Entrepreneurs Incentive and Financing Act (§§ 11191 — 11202) › § 11200 - Collaboration agreements for business incubation

The Department of Economic Development and Commerce, through the Youth Development Program, is hereby empowered to enter into collaboration agreements with private organizations that provide business incubation services, as well as with other public entities that provide support services.
The Youth Development Program shall coordinate with higher education institutions, including but not limited to universities and public or private professional colleges, to conform their business development program with the Youth Business Development Incentive and Financing Plan. Recognizing the high socio-economic value of said Plan, such institutions shall voluntarily promote student participation in said program.
History —Aug. 7, 2014, No. 135, § 13.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 259 - Young Entrepreneurs Incentive and Financing Act (§§ 11191 — 11202) › § 11201 - Rulemaking authority

The Department of the Treasury, the Puerto Rico Trade and Export Company, the Department of Economic Development and Commerce, the Department of Education, the Land Authority, the Puerto Rico Industrial Development Company, and the Economic Development Bank are hereby authorized to promulgate regulations, rules, circular letters, or administrative determinations as are necessary to enforce the provisions and attain the purposes of this chapter within a term not to exceed thirty (30) days after the approval thereof. Any regulation, rule, circular letter, or administrative determination herein authorized shall be consistent with the Statement of Motives and the Public Policy of this chapter. The regulations to be promulgated under this chapter shall not be subject to the provisions of §§ 2101 et seq. of Title 3, as amended, known as the “Commonwealth of Puerto Rico Uniform Administrative Procedures Act”. The absence of any regulations provided for in this chapter shall not prevent the application thereof.
History —Aug. 7, 2014, No. 135, § 14.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 259 - Young Entrepreneurs Incentive and Financing Act (§§ 11191 — 11202) › § 11202 - Advertising campaign

The Department of Economic Development and Commerce, through the Youth Development Program shall be responsible for the promotion and dissemination of this legislation together with the Youth Business Development Incentive and Financing Plan on its website, social media and any other media outlet deemed appropriate. The Office of Management and Budget shall earmark the corresponding item in the Budget of the Commonwealth of Puerto Rico.
History —Aug. 7, 2014, No. 135, § 15.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 261 - Puerto Rico Creative Industries Promotion Act (§§ 11261 — 11273) › § 11261 - Definitions

For purposes of this chapter, the following terms shall have the meaning stated hereinbelow:
(a) Creativity.— The ability to bring into existence a new artistic object or form, a new solution to a problem, a new method or device, the creation of a work of art or a new combination of existing elements.
(b) Creative industries.— For purposes of this chapter, creative industries shall be those business with potential for creating jobs and wealth, mainly through the export of creative goods and services in the following sectors: design (graphic, industrial, fashion, and interior design); arts (music, visual arts, performing arts, and publishing); media (application, videogames, online media, digital, and multimedia content development); creative services (architecture and creative education).
(c) Creative teams.— Networks and partnerships established between creative business and industries to stimulate common activities, networking, or to achieve economies of scale.
History —Oct. 13, 2014, No. 173, § 3.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 261 - Puerto Rico Creative Industries Promotion Act (§§ 11261 — 11273) › § 11262 - Primary responsibility

The Trade and Export Company shall be primarily responsible for implementing the public policy of the Commonwealth of Puerto Rico on creative industries, as provided in this chapter.
History —Oct. 13, 2014, No. 173, § 4.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 261 - Puerto Rico Creative Industries Promotion Act (§§ 11261 — 11273) › § 11263 - Powers and duties of the Trade and Export Company

The Trade and Export Company shall have the following powers and duties:
(a) To formulate policy on the promotion and development of creative industries in Puerto Rico;
(b) To create programs to support and foster creative industries, separately or in conjunction with other agencies and departments of the Commonwealth of Puerto Rico, the municipalities, and public corporations;
(c) To hold seminars and conduct research on creative industries;
(d) To disseminate information about the economic, social, and cultural impact of intellectual property rights on creative industries within the jurisdiction of the Commonwealth of Puerto Rico;
(e) To design tools that provide assistance to creative individuals and teams in selling their products in local and global markets;
(f) To collaborate with public and private funding partners in promoting creative industry-related activities so as to implement and promote technical collaboration projects in coordination with other relevant entities;
(g) To promote networking between creative individuals and teams involved in creative industries.
(h) To work in conjunction with the Puerto Rico Creative Industries Advisory Council to further the public policy set forth in this chapter;
(i) To carry out tasks as are necessary to help promote creative industries in Puerto Rico.
History —Oct. 13, 2014, No. 173, § 5.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 261 - Puerto Rico Creative Industries Promotion Act (§§ 11261 — 11273) › § 11264 - Puerto Rico Creative Industries Advisory Council

The Puerto Rico Creative Industries Advisory Council is hereby created and shall be composed of nine (9) members: two (2) representatives from each of the sectors of the creative industries, namely, design, arts, creative media and services; and one (1) representative of the Academia, who shall be designated by the Executive Director of the trade and Export Company to serve ad honorem for a term of four (4) years. The Secretary of the Department of Economic Development and Commerce, the Director of the Puerto Rico Trade and Export Company, the Director of the Industrial Development Company, the Executive Director of the Puerto Rico Motion Picture Arts, Sciences and Industry Development Corporation, and the Executive Director of the Puerto Rico Science, Technology and Research Trust, and the Executive Director of the Institute of Puerto Rican Culture shall be ex officio members of the Advisory Council without voting rights.
History —Oct. 13, 2014, No. 173, § 6.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 261 - Puerto Rico Creative Industries Promotion Act (§§ 11261 — 11273) › § 11265 - Puerto Rico Creative Industries Advisory Council—Duties

The Advisory Council shall have the following duties:
(a) To make recommendations in connection with the public policy on the promotion and development of creative industries in Puerto Rico;
(b) To raise awareness of and develop a deeper understanding about creative industries and their contribution to the economy of Puerto Rico;
(c) To design strategies that allow the government, the private sector, and the Academia to work together in the development and promotion of creative industries;
(d) To devise short-, medium-, and long-term strategic plans for the development of the creative industries identified herein;
(e) To carry out tasks as are necessary to help promoting creative industries in Puerto Rico.
History —Oct. 13, 2014, No. 173, § 7.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 261 - Puerto Rico Creative Industries Promotion Act (§§ 11261 — 11273) › § 11266 - Creative Industries Registry

Creative individuals and teams interested in availing themselves of the benefits or incentives provided by the laws or regulations of the Commonwealth of Puerto Rico, or by ordinances issued by the municipalities of Puerto Rico, shall register in the Creative Industries Registry, to be established by the Trade and Export Company. For such purposes, the Trade and Export Company shall prescribe by regulations the process to register creative industries and to issue certifications attesting to such registration in accordance with the provisions of this chapter.
History —Oct. 13, 2014, No. 173, § 8.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 261 - Puerto Rico Creative Industries Promotion Act (§§ 11261 — 11273) › § 11267 - Creative Industries statistics

The Puerto Rico Institute of Statistics created under §§ 971 et seq. of Title 3, shall draft an annual report on the social, economic, statistical, labor aspects indices, among others, as are necessary for the development of creative industries in Puerto Rico. The University of Puerto Rico shall collaborate with the Puerto Rico Institute of Statistics in the data preparation and analysis as directed by this chapter. The Puerto Rico Creative Industries Advisory Council and the Puerto Rico Institute of Statistics may agree on any additional fields that may be included in said report.
History —Oct. 13, 2014, No. 173, § 9.