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 252 - Jobs Now Act (§§ 11021 — 11025) › Subchapter IV - Job Creation Incentives (§§ 11024 — 11024l) › § 11024a - Term to enter into special job creation agreements

The Company shall issue a notice to the public stating the procedure to enter into special job creation agreements within thirty (30) days after the approval of this act. Eligible businesses shall have fifteen (15) months after the date of the notice to execute the special agreement with the Company. That is, eligible businesses shall enter into any special agreement with the Company under the Jobs Now Act on or before May 31, 2014.
However, agreements executed within such fifteen (15)-month term shall continue in effect as provided in this chapter and such agreements.
History —Jan. 10, 2013, No. 1, § 4.2; July 5, 2013, No. 54, § 2; Dec. 26, 2013, No. 171, § 2.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 252 - Jobs Now Act (§§ 11021 — 11025) › Subchapter IV - Job Creation Incentives (§§ 11024 — 11024l) › § 11024b - Special job creation agreements

An eligible business shall sign a special job creation agreement with the Government whereby they shall commit to increase the number of jobs in their business operations to obtain any benefit, loan, aid, incentive, subsidy, tax exemption, or combination thereof, provided in this subchapter. The special job creation agreement shall establish the following:
(a) Whether the eligible business is a new business or a developing business, as such terms are defined in this chapter;
(b) the number of eligible incremental jobs that the eligible business is committed to create in exchange for receiving the benefits provided under this subchapter;
(c) the specific incentives to be enjoyed by the eligible business, as provided in this chapter, and
(d) other terms and conditions that the Company may deem necessary to attain the objectives of this chapter.
History —Jan. 10, 2013, No. 1, § 4.3.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 252 - Jobs Now Act (§§ 11021 — 11025) › Subchapter IV - Job Creation Incentives (§§ 11024 — 11024l) › § 11024e-1 - Additional incentive for expanding businesses

Reimbursement of the costs of exporting products manufactured in Puerto Rico.— If an expanding business intends to export products manufactured in Puerto Rico, the Agreement shall grant a twenty percent (20%) reimbursement of the shipping costs incurred in the export of such products during the first eighteen (18) months of effectiveness of the agreement. If the expanding business incurs in combined shipping costs to export products manufactured and products not manufactured in Puerto Rico it shall agree upon a reasonable formula with the executive director, which shall be defined in the agreement, to determine the shipping costs corresponding to the export of products manufactured in Puerto Rico. The expanding business shall provide the company with evidence of the shipping costs to be reimbursed prior to receiving a reimbursement under this subsection. Up to thirty percent (30%) of the shipping costs incurred in exporting agricultural products of Puerto Rico may be reimbursed. Reimbursements provided herein shall be paid after the first year and not later than the second year after the execution of the agreement, and shall be covered from special funds appropriated to the Company for the administration of this chapter.
History —Jan. 10, 2013, No. 1, added as § 4.7 on July 5, 2013, No. 54, § 5.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 252 - Jobs Now Act (§§ 11021 — 11025) › Subchapter IV - Job Creation Incentives (§§ 11024 — 11024l) › § 11024f - Financing by the Economic Development Bank

Subject to the eligibility criteria provided by the Economic Development Bank for Puerto Rico, such entity is hereby directed to give priority to the financing applications filed by Eligible Businesses covered under this chapter and to process such applications promptly. To achieve this, such institution may create new financing programs or use existing ones. It may also enter into agreements with other financial institutions to offer financing, either by providing guarantees and/or shares. Furthermore, it may institute attractive programs to provide short-, medium-, or long-term financing, including, but not limited to lines of credit, insofar as they facilitate the immediate establishment of eligible businesses that can create jobs rapidly.
History —Jan. 10, 2013, No. 1, § 4.7; renumbered as § 4.8 on July 5, 2013, No. 54, § 6.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 252 - Jobs Now Act (§§ 11021 — 11025) › Subchapter IV - Job Creation Incentives (§§ 11024 — 11024l) › § 11024g - Procedure for granting special job creation agreements

(a) An eligible business that wishes to enjoy the benefits of this subchapter shall file a sworn application with the Company that includes the following:
(1) A description of the activity in which the eligible business is engaged in, or intends to engage in.
(2) The address where operations are or shall be conducted.
(3) The name and address of the shareholders or owners of the Eligible Business, as well as of any affiliate entities operating in Puerto Rico.
(4) The number of employees working at the eligible business as of December 31, 2012.
(5) A description of the substantial expansion, if applicable.
(6) The incremental job projection.
(7) The benefits of this chapter for which the applicant eligible business qualifies.
(8) Evidence of its organization and of having its tax and employer obligations up to date.
(9) Any other reasonable information the Company may require.
(b) The Company shall have thirty (30) calendar days as of the receipt of the application to enter into an agreement and shall not require endorsement from any other agency to enter into such agreement. The Company shall process the all that pertains to the award of special job creation agreements through a Certificate of Compliance via the Interagency Validation Portal for the Granting of Incentives for the Economic Development of Puerto Rico. Moreover, the Company shall remit a copy of the agreement to the Department of the Treasury, the Municipal Revenue Collection Center, the Industrial Development Company, and the municipality where the eligible business operates to be included in the records of the different government entities.
(c) Rejection of applications.— The Executive Director may reject an application when he/she deems that some of the requirements provided in this chapter have not been met or that it does not serve the best economic and social interests of Puerto Rico after taking into consideration the nature of the physical facilities, the number of jobs to be created, the investment to be made, or other factors that, in his/her judgment, warrant such determination.
After being notified of the rejection, the petitioner shall have sixty (60) days to request the Executive Director to reconsider his/her application by stating any facts and arguments regarding the application that the petitioner may deem pertinent, including offering any consideration to the benefit of Puerto Rico that, in his/her judgment, may warrant a reconsideration.
History —Jan. 10, 2013, No. 1, § 4.8; renumbered as § 4.9 on July 5, 2013, No. 54, § 6; Nov. 17, 2015, No. 187, § 111.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 252 - Jobs Now Act (§§ 11021 — 11025) › Subchapter IV - Job Creation Incentives (§§ 11024 — 11024l) › § 11024h - Permissive and mandatory revocation procedure

(a) Permissive revocation.—
(1) When an eligible business fails to meet any of the obligations imposed thereon by this subchapter, the regulations adopted thereunder or by the terms of the special job creation agreement.
(2) When the eligible business fails to comply with the creation of eligible incremental jobs as established for those purposes in the agreement.
(3) If the eligible business fails to comply with its tax liability under the code and other tax laws of Puerto Rico.
(b) Mandatory revocation.—
(1) The Executive Director shall revoke any Special Job Creation Agreement granted under this subchapter when the same has been obtained by fraud or misrepresentation as to the nature of the eligible business or the eligible incremental job generated, or any other facts or circumstances that, wholly or partially, led to granting the agreement.
(2) In the case of this revocation, the taxpayer shall be deemed to have filed a false or fraudulent return with the intent to evade taxes and, consequently, 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 special job creation agreement, and shall be charged 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 business shall be able to appear before and be heard by the Executive Director or any other person the latter designates for such purpose. Said designee shall notify the Executive Director of his/her conclusions and recommendations.
History —Jan. 10, 2013, No. 1, § 4.9; renumbered as § 4.10 on July 5, 2013, No. 54, § 6.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 252 - Jobs Now Act (§§ 11021 — 11025) › Subchapter IV - Job Creation Incentives (§§ 11024 — 11024l) › § 11024i - Incentive collection procedure

If the special job creation agreement is revoked pursuant to § 11024h of this title, the amounts equivalent to the benefits granted thereunder shall be deemed to be amounts owed for the taxable year in which the revocation takes place, and shall be paid by the affected eligible business. The Executive Director shall hand over the file of the eligible business 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 business shall file a report with the Secretary of the Treasury itemizing the benefits obtained under §§ 11024c-11024e of this title, along with the payment of such benefits, within ninety (90) days as of the revocation. The Secretary of the Treasury shall notify the Eligible Business of any deficiency in connection with the benefit report within one (1) year after such report is filed.
History —Jan. 10, 2013, No. 1, § 4.10; renumbered as § 4.11 on July 5, 2013, No. 54, § 6.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 252 - Jobs Now Act (§§ 11021 — 11025) › Subchapter IV - Job Creation Incentives (§§ 11024 — 11024l) › § 11024j - Periodic reports

The Company shall be responsible for requiring reports, as it deems appropriate, and to ensure that the terms and conditions set forth in the agreements are fully met.
History —Jan. 10, 2013, No. 1, § 4.11; renumbered as § 4.12 on July 5, 2013, No. 54, § 6.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 252 - Jobs Now Act (§§ 11021 — 11025) › Subchapter IV - Job Creation Incentives (§§ 11024 — 11024l) › § 11024k - Nature of the agreements

(a) A special job creation agreement issued by virtue of this chapter shall be deemed to be a contract between the Government and the eligible business, 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 foster the public policy set forth herein. It shall be at the discretion of the Executive Director, on behalf and in representation of the Government, to include any terms and conditions, grants, and exemptions that are consistent with the purpose of this chapter, which seeks to foster employment through the socioeconomic development of Puerto Rico, taking into consideration the nature of the petition or requested action, as well as the facts and circumstances that may apply in each particular case.
(b) The special agreement shall not be granted if the Executive Director deems that granting the benefits of the special agreement would adversely affect competition in the market.
History —Jan. 10, 2013, No. 1, § 4.12; renumbered as § 4.13 on July 5, 2013, No. 54, § 6.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 252 - Jobs Now Act (§§ 11021 — 11025) › Subchapter IV - Job Creation Incentives (§§ 11024 — 11024l) › § 11024l - Forms and regulations under this chapter

The Trade and Export Company shall prepare a form, for statistical purposes, which every eligible business shall submit at the time of applying for the incentives and benefits provided herein.
The Company shall promulgate regulations as necessary to enforce the provisions and purposes of this chapter and, in doing so, it may consult the Secretary of the Treasury, the Executive Director, and other relevant agencies. In the case of Industrial Development Company buildings, the bylaws or pertinent regulations shall be drafted by said public corporation. 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 —Jan. 10, 2013, No. 1, § 4.13; renumbered as § 4.14 on July 5, 2013, No. 54, § 6.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 252 - Jobs Now Act (§§ 11021 — 11025) › Subchapter V - Final Provisions (§ 11025) › § 11025 - Measurement of results

(a) To measure the results of the public policy herein established, the Trade and Export Company is hereby authorized to enter into data sharing agreements with the Department of Labor and Human Resources, the Permit Management Office, and the Electric Power Authority that allow for the development of statistics about the jobs pledged and the jobs created under the Jobs Now Act, ensuring widest coverage possible for this measuring instrument and preventing duplication when calculating the jobs created under different sections of this chapter. The Puerto Rico Institute of Statistics shall have direct, updated, and continuous access to the Trade and Export Company databases regarding government entities and the databases it develops using information gathered from eligible businesses under this chapter.
(b) Benefits granted under this chapter may be revoked at any time if an eligible business fails to furnish any information required by the Trade and Export Company or the corresponding agency.
(c) Employment statistics related to the Jobs Now Act shall be based on a full shift (equivalent to full-time job, as defined in § 11023 of this title).
(d) The Trade and Export Company shall disclose on the Internet quarterly statistics about jobs pledged and created, within ninety (90) days of the close of the quarter in question. More specifically, the Company shall disclose the statistics regarding jobs pledged and jobs created as of March 31, 2013, June 30, 2013, September 30, 2013, and December 31, 2013, March 3, 2014, and June 30, 2014 on or before June 30, 2013, September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014, and September 30, 2014, respectively.
(e) The Executive Director shall file a biannual report with the Clerk of the House of Representatives and the Secretary of the Senate of the Commonwealth of Puerto Rico, stating in detail the achievements, performance, operation, job creation, and results obtained by this chapter.
History —Jan. 10, 2013, No. 1, § 5.2.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 254 - Puerto Rico Aircraft Maintenance, Repair, and Overhaul Industry Promotion Act (§§ 11061 — 11065) › § 11061 - Administration and implementation

The Puerto Rico Industrial Development Company is hereby designated as the government entity in charge of the administration and implementation of the provisions of this chapter; and all other agencies, public corporations, or instrumentalities, municipalities, and political subdivisions of the Commonwealth of Puerto Rico are hereby directed to provide all the necessary support, cooperation, assistance, and collaboration in order to carry out projects that this chapter seeks to incentivize in accordance with the purpose note under § 11061 of this title. Likewise, the Puerto Rico Industrial Development Company is hereby empowered to use and make available its funds or other properties as well as any other funds or properties that it may receive from time to time, in accordance with the transactions and transfers contemplated and authorized in § 11063 of this title for projects that this chapter seeks to incentivize. Similarly, the Puerto Rico Industrial Development Company is also authorized to use any of its present or future incentive programs or mechanisms using its own funds or funds it may receive pursuant to the transactions and transfers contemplated and authorized in § 11063 of this title to finance, make feasible, or facilitate the construction of facilities and infrastructure to be used for companies engaged in the aircraft maintenance, repair, and overhaul industry in Puerto Rico, insofar as such facilities are located in a property owned by any agency, public corporation, municipality, or political subdivision of the Commonwealth of Puerto Rico. Said incentive programs or mechanisms may include those programs or mechanisms under which the investment of said businesses is refunded or paid directly to contractors, suppliers, or other entities. Government-owned facilities may be leased to such businesses or the use and enjoyment thereof may be authorized to these businesses by means of usufruct, leasehold, easement, or any other manner. All other agencies, public corporations, or instrumentalities, municipalities, and political subdivisions of the Commonwealth of Puerto Rico are also hereby authorized to use and make available to the Puerto Rico Industrial Development Company any of its incentive programs or mechanisms to support the investment and establishment of this industry.
History —Feb. 27, 2014, No. 32, § 3.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 254 - Puerto Rico Aircraft Maintenance, Repair, and Overhaul Industry Promotion Act (§§ 11061 — 11065) › § 11062 - Application of the Fair Labor Standards Act

Taking the itinerant nature of commercial aircraft maintenance, repair, and overhaul industry operations into account, it is hereby declared that notwithstanding any provision of law to the contrary, any employer: (a) engaged in the assembly, repair, maintenance, restoration, and rehabilitation of vehicles or aircraft, (b) that establishes operations in Puerto Rico after the effective date of this act, and (c) that executes and maintains a decree in effect under the provisions of §§ 10641 et seq. of Title 13, or any other subsequent law that substitutes it, shall only be governed, for purposes of overtime in Puerto Rico, by Sections 201 through 217 of the Fair Labor Standards Act, as amended, or to be amended, that apply to aviation operations and related operations covered by the “Railway Labor Act”.
History —Feb. 27, 2014, No. 32, § 6.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 254 - Puerto Rico Aircraft Maintenance, Repair, and Overhaul Industry Promotion Act (§§ 11061 — 11065) › § 11063 - Personal and real property

Notwithstanding any provisions of law to the contrary, and in order to facilitate the attainment projects that this chapter seeks to incentivize, all agencies, public corporations, municipalities, and political subdivisions of the Commonwealth of Puerto Rico are hereby empowered, at the request of the Puerto Rico Industrial Development Company, to assign, transfer, lease, guarantee, pledge, mortgage, lend, donate, or otherwise transfer to the Puerto Rico Industrial Development Company, either for its direct or indirect benefit, any interest, right, or participation that it may hold over any personal or real property including public funds under their jurisdiction or funds that were or may be appropriated from time to time, under reasonable terms and conditions to be used by the Puerto Rico Industrial Development Company in order to achieve the objectives and purposes of this chapter. For such purposes, all agencies, public corporations, municipalities, and political subdivisions of the Commonwealth of Puerto Rico are hereby authorized to enter into any interagency agreement, contract, covenant, or any other type of agreement with the Puerto Rico Industrial Development Company and with any other government entity or private party in order to enforce the provisions of this chapter.
History —Feb. 27, 2014, No. 32, § 7.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 254 - Puerto Rico Aircraft Maintenance, Repair, and Overhaul Industry Promotion Act (§§ 11061 — 11065) › § 11064 - Regulations

The Executive Director of the Puerto Rico Industrial Development Company shall issue regulations, rules, administrative determinations, or circular letters as are necessary to achieve the purposes of this chapter.
History —Feb. 27, 2014, No. 32, § 8.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 254 - Puerto Rico Aircraft Maintenance, Repair, and Overhaul Industry Promotion Act (§§ 11061 — 11065) › § 11065 - Interpretation

The provisions in this chapter shall be construed freely for the purpose of promoting the development and implementation of the public policy set forth in the Statement of Motives and in the purpose note under § 11061 of this title, as well as for obtaining the establishment of strategic projects it seeks to incentivize.
History —Feb. 27, 2014, No. 32, § 9.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 255 - Micro, Small-, and Medium-sized Business Promotion Act (§§ 11081 — 11085) › § 11081 - Definitions

(1) Leasing.— The use by means of rental of unoccupied property of the Government of the Commonwealth of Puerto Rico.
(2) Puerto Rico Micro, Small-, and Medium-sized Business Promotion Board.— A permanent board composed of the Secretary of the Department of Labor and Human Resources (DLHR), the Executive Director of the Puerto Rico Trade and Export Company (PRTEC), the Chair of the Planning Board, three (3) small- and medium-sized entrepreneurs (representing said sector), and the Executive Director of the Permit Management Office (OGPe, Spanish acronym).
(3) Regional Economic Impact Analysis.— An analysis required to every project proposing a large-scale retail and/or wholesale establishment with sixty-five thousand (65,000) square feet or more of sales area and storage space. Or to any establishment devoted to the retail sale of mixed merchandise with fifteen thousand (15,000) square feet or more of sales area and storage space.
(4) Microbusiness.— A business or enterprise whose annual gross income is less than five hundred thousand dollars ($500,000) and has seven (7) employees or less.
(5) Small-sized business.— A business or enterprise whose annual gross income is less than three million dollars ($3,000,000) and has twenty-five (25) employees or less.
(6) Medium-sized business.— A business or enterprise whose annual gross income is less than ten million dollars ($10,000,000) and has fifty (50) employees or less.
(7) Expansion.— To add square footage or to establish new locations.
(8) Establishments devoted to the sale of mixed merchandise.— Businesses devoted to the sale of taxable and non taxable items, as defined under §§ 30011 et seq. of Title 13, better known as the “Internal Revenue Code for a New Puerto Rico of 2011”, and the Sales and Use Tax (IVU, Spanish acronym) regulations of the Department of the Treasury.
History —June 11, 2014, No. 62. § 2.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 255 - Micro, Small-, and Medium-sized Business Promotion Act (§§ 11081 — 11085) › § 11082 - Public policy

Micro, small-, and medium-sized businesses are the backbone of Puerto Rico’s economy. Given their capacity and potential to generate well-paid jobs, global economies bet on providing this sector with countless incentives.
According to data obtained from the economic census conducted by the United States Census Bureau, thirteen thousand one hundred twenty-seven (13,127) small- and medium-sized businesses were operating in Puerto Rico in 1992. Ten (10) years later, the number of small- and medium-sized businesses dropped to ten thousand seven hundred thirteen (10,713), which represents a 23% reduction in the number of commercial establishments.
Today, the atmosphere and the environment for doing business for micro, small, and medium-sized businesses have become even more challenging; consequently, many entrepreneurs have found themselves at a crossroads where they must choose to close down or file for bankruptcy.
Recognizing this sector’s capacity to generate well-paid jobs, it is hereby provided that small- and medium-sized businesses shall be the cornerstone of the Island’s economic development plan. Thus, the Government of the Commonwealth of Puerto Rico is strongly committed to, firstly, make micro, small-, and medium-sized businesses a priority by providing them with incentives to create jobs or to maintain existing ones, as well as with any assistance available for entrepreneurs to help them defray operating expenses.
History —June 11, 2014, No. 62. § 3.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 255 - Micro, Small-, and Medium-sized Business Promotion Act (§§ 11081 — 11085) › § 11084 - Preferential Rent Program

(a) New entrepreneurs who wish to establish a micro, small-, or medium-sized business may lease an eligible property from the Puerto Rico Industrial Development Company or the Trade and Export Company to establish operations and shall pay an annual rent of one dollar ($1) during the first two (2) years of the lease. The Puerto Rico Industrial Development Company and the Trade and Export Company shall establish guidelines for leasing their properties. The lease agreement shall include all the usual terms and conditions for this type of agreement and shall comply with all the legal provisions applicable to the lease of properties of the Puerto Rico Industrial Development Company or the Trade and Export Company. The applicable rent, once the two (2)-year period ends, shall be the prevailing rent at the time the lease agreement was executed.
(b) In order to be eligible to participate in this Program, the applicant shall:
(1) Be the owner of a micro, small-, or medium-sized business.
(2) Commit him/herself to create or retain certain jobs.
(3) Have a business plan or proposal approved by the Puerto Rico Industrial Development Company (PRIDCO) or the Trade and Export Company.
(4) Submit a proposal to the Board.
(A) The Board shall issue its determination within fifteen (15) business days.
(B) The Board shall promulgate guidelines for the evaluation of the proposals submitted by participants seeking to receive this type of grant.
(C) Benefits under the Preferential Rent Program shall take effect upon the expiration of the effective term of §§ 11021 et seq. of this title, known as the “Jobs Now Act”.
History —June 11, 2014, No. 62. § 11.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART IX - Economic Development II (§§ 11001 — 11273) › Chapter 255 - Micro, Small-, and Medium-sized Business Promotion Act (§§ 11081 — 11085) › § 11085 - Guides and regulations

The Board shall promulgate rules to implement the provisions of this Act. The agencies concerned, to wit, the Trade and Export Company (PRTEC), the Department of Labor and Human Resources (DLHR), the Planning Board, and the Permit Management Office (OGPe) shall adopt and promulgate regulations as appropriate within a term that shall not exceed sixty (60) days to implement the provisions of this chapter as well as the rules adopted by the Board.
History —June 11, 2014, No. 62, § 13.
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 I - Preliminary Provisions (§§ 11111 — 11112) › § 11112 - Powers and duties of the Trade and Export Company

PRTEC shall be the entity responsible for carrying out the purposes of this chapter. Thus, it shall have, among others, the following powers and responsibilities:
(a) To promote the public policy promulgated in this chapter and the SMBs participation in the job creation and retention incentive program provided thereunder.
(b) To certify SMBs as eligible to receive the incentives provided under this chapter.
(c) To advise eligible SMBs on the availability and function of the incentives to be granted before applying for the same.
(d) To coordinate and administer the incentives under this chapter.
(e) To prescribe by regulations the procedures that shall govern the incentive program provided in this chapter.
(f) To ensure that all procedures are carried out in accordance with the applicable rules and regulations.
(g) To impose sanctions and other applicable measures in the event of noncompliance by participating eligible SMBs as provided in this chapter.
(h) To collect data, prepare and publish statistics, studies and reports as provided in this chapter.
History —July 31, 2014, No. 120, § 1.4.
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 II - Job Creation and Retention Incentives (§§ 11121 — 11126) › § 11121 - Job creation and retention incentives in general

Eligible SMBs that enter into a job creation or retention agreement with PRTEC may apply for the incentives corresponding to their specific classification under this chapter, whether as an eligible new or expanding SMB or as an eligible SMB with net operating losses. The sum, duration, and other terms, and conditions and requirements related to such job creation and/or retention benefits and incentives shall be governed by the provisions of this chapter or the regulations thereunder and by the specific terms of each job creation or retention agreement entered into with PRTEC by every participating eligible SMB.
History —July 31, 2014, No. 120, § 2.1.
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 II - Job Creation and Retention Incentives (§§ 11121 — 11126) › § 11123 - Incentives available for eligible expanding SMBs that enter into a job creation agreement

Eligible expanding SMBs that have entered into a job creation agreement whereby they commit to create Eligible Incremental Jobs as defined in this chapter may choose to avail themselves of the following incentives, provided they meet the requirements of said agreement and this chapter:
(a) Partial wage refund.— Eligible expanding SMBs may apply for a refund equal to fifty percent (50%) of the minimum federal wage of $7.25 per hour, up to a maximum of $3.63 per hour, paid for completing a regular work schedule (without including overtime) to individuals hired to hold the new jobs created by an eligible expanding SMBs in compliance with the agreement entered into with the Company. Said refund shall apply for a maximum of ten (10) full-time employees or the equivalent thereof to wages paid during the twelve (12)-month period of the eligible employee recruitment with respect to eligible employees that have been recruited after a eligible expanding SMB has filed an application under § 11135 of this title and not later than six (6) months after the execution of the agreement; provided it is established, to the satisfaction of the Executive Director, that jobs for which benefits are granted constitute eligible incremental jobs for the eligible expanding SMB. The incentive shall be processed through the PRTEC in compliance with the regulatory requirements and mechanism issued for the administration thereof.
The incentive shall be processed through the Job Promotion Bureau of the Department of Labor and Human Resources under the mechanisms provided in Act No. 52-1991, as amended.
(b) Discount on premiums of the State Insurance Fund Corporation.— Eligible expanding SMBs that have entered into a job creation agreement under this chapter and choose to avail themselves of this incentive shall receive a fifty percent (50%)-discount on premiums payable to the State Insurance Fund Corporation for two (2) years after the execution of the special [sic] agreement in relation to eligible incremental jobs agreed upon in the agreement.
Eligible expanding SMBs shall have a maximum of six (6) months to create the jobs object of the agreement as of the execution date thereof and in relation to which they may apply for the incentives provided herein.
History —July 31, 2014, No. 120, § 2.3.
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 II - Job Creation and Retention Incentives (§§ 11121 — 11126) › § 11124 - Incentives available for eligible SMBs with net operating losses that enter into a job retention agreement

Eligible SMBs with net operating losses that have entered into a job retention agreement as such term is defined in this chapter may choose to avail themselves of the following incentives, provided they meet the requirements of said agreement and this chapter:
(a) Partial wage refund.— Eligible SMBs with net operating losses that prove having net operating losses during each one of the most recent taxable years as of the filing date of the application for the benefits and incentives of this chapter and that, as of the filing date of said application, have retained the total number of employees thereof during the six (6) months preceding the filing of the application, may apply for a refund equal to fifty percent (50%) of the minimum federal wage of $7.25 per hour, up to a maximum of $3.625 per hour, paid for completing a regular work schedule (without including overtime) for a maximum of ten (10) full-time employees or the equivalent thereof. Such refund shall apply to wages paid during the first twelve (12) months of effectiveness of the agreement with respect to eligible employees that are on payroll as of the date of execution of the agreement and that are retained in their jobs. The incentive shall be processed through the PRTEC in compliance with the regulatory requirements and mechanism issued for the administration thereof. In addition, as a condition to receive a partial wage refund for job retention, the eligible SMB shall complete an entrepreneurial training program to be offered by the Trade and Export Company.
The incentive shall be processed through the Job Promotion Bureau of the Department of Labor and Human Resources under the mechanisms provided in Act No. 52-1991, as amended.
(b) Discount on Premiums of the State Insurance Fund Corporation.— Eligible SMBs with net operating losses that have entered into a job retention agreement under this chapter and choose to avail themselves of this incentive shall receive a fifty percent (50%)-discount on premiums payable to the State Insurance Fund Corporation for two (2) years after the execution of the special [sic] agreement in relation to eligible jobs retained as provided in the agreement.
History —July 31, 2014, No. 120, § 2.4.
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 II - Job Creation and Retention Incentives (§§ 11121 — 11126) › § 11125 - Created or retained job continuity requirement

Eligible new or expanding SMBs that enter into a job creation agreement and receive incentives under this chapter shall maintain an average of eligible jobs during the first three (3) calendar years as of the execution date of the agreement equal to or greater than the number of eligible jobs they had as of the execution date of the agreement, plus the number of eligible incremental jobs for which they had claimed incentives under this chapter. In addition, every eligible SMBs with net operating losses that enters into a job retention agreement and receives incentives under this chapter shall maintain the total number of employees it had as of the filing date of the application for incentives under this chapter for a term of not less than two (2) years as of the execution of the agreement. Any business that applies for incentives to create jobs in substitution for a job within the eligible SMB or jobs transferred to another eligible SMB as a result of a transfer of assets or line of business shall not be eligible to receive benefits under this chapter. On the other hand, the voluntary resignation of an employee shall not be considered a reduction in the number of employees of an eligible SMB for purposes of this section.
History —July 31, 2014, No. 120, § 2.5.
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 II - Job Creation and Retention Incentives (§§ 11121 — 11126) › § 11126 - Financing by the Economic Development Bank

Subject to the eligibility criteria provided by the Economic Development Bank for Puerto Rico, the Bank is hereby directed to give priority to the financing applications filed by eligible SMBs covered by this chapter. To achieve such purpose, said institution may establish new financing programs or use existing ones. It may also enter into agreements with other financial institutions to offer financing, either by providing securities and/or shares. Furthermore, it may implement attractive programs to provide short-, medium-, or long-term financing, including, but not limited to lines of credit, insofar as they facilitate the immediate establishment of eligible SMBs with capacity to create jobs immediately.
History —July 31, 2014, No. 120, § 2.6.
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) › § 11131 - Authorization to enter into job creation or retention agreements

The Executive Director shall execute job creation or retention agreements, in representation of the Government, with eligible SMBs that meet the criteria and comply with the procedures established in this chapter.
History —July 31, 2014, No. 120, § 3.1.
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 III - Procedural Provisions (§§ 11131 — 11137) › § 11132 - Public notice

The Company shall issue a notice to the public stating the procedure to enter into job creation or retention agreements within thirty (30) days after the approval of this act.
History —July 31, 2014, No. 120, § 3.2.
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 III - Procedural Provisions (§§ 11131 — 11137) › § 11133 - Job creation or retention agreements

An eligible SMB shall execute a job creation or retention agreement with the Government whereby it shall commit to increase the number of jobs in its business operations to avail itself of any benefit provided in this chapter. In the case of an eligible SMB with net operating losses, it shall commit to retain the total number of employees it has as of the filing date of the application with the Company in accordance with § 11135 of this title.
The job creation agreement shall establish the following:
(a) The number of eligible incremental jobs that the eligible SMB commits to create or the number of jobs the eligible SMB agrees to retain in exchange for receiving the benefits provided under §§ 11121—11126 of this title;
(b) the specific incentives to be enjoyed by the eligible SMB, as provided in this chapter; and
(c) other terms and conditions that the Company may deem necessary to attain the objectives of this chapter.
History —July 31, 2014, No. 120, § 3.3.
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 III - Procedural Provisions (§§ 11131 — 11137) › § 11134 - Term to enter into a job creation or retention agreement and incentives availability

Eligible SMBs may enter into an agreement with the Company at any time during the effectiveness of this act, provided, that it complies with all the applicable procedures, terms, and conditions provided in this act and the regulations thereunder. The amount of incentives to be granted shall depend on the resources and funds available from appropriations of the Legislative Assembly for such purposes, whose final determination shall be made exclusively by PRTEC as administrator of the incentive program provided by this chapter.
History —July 31, 2014, No. 120, § 3.4.
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) › § 11135 - Incentive application and job creation and/or retention agreement execution process

(a) An eligible SMB that wishes to avail itself of the benefits of §§ 11121—11126 of this title shall file a sworn application with the Company including the following:
(1) A description of the business activity in which the eligible SMB is engaged, or intends to engage.
(2) The address where operations are or shall be conducted.
(3) The name and address of the shareholders or owners of the eligible SMB, as well as of any affiliate entities operating in Puerto Rico.
(4) The number of employees working at the Eligible SMB during the six (6)-month period preceding the filing date of the application for incentives under this chapter.
(5) The incremental job projection or, in the case of an eligible SMBs with net operating losses, the total number of employees it commits to retain.
(6) The incentives of this chapter that the eligible SMB wishes to obtain.
(7) Evidence of its organization and of having its tax and employer obligations up to date.
(8) Any other reasonable information the Company may require.
(b) The Company shall have sixty (60) calendar days as of the date of receipt of a complete application to enter into an agreement and shall not require endorsement from any other agency to enter into such agreement. As necessary by virtue of the particular incentives under this chapter that an eligible SMB chooses to request, the Company shall deliver a copy of the agreement to any other agency granting the requested incentives, such as the Municipal Revenue Collection Center of the municipality where the eligible SMB operates and the Puerto Rico State Insurance Fund Corporation.
(c) Denial of applications.— The Executive Director may deny an application if he/she deems that the granting thereof does not meet any of the requirements provided in this chapter or is not in the best economic and social interests of Puerto Rico after taking into consideration the nature of the physical facilities, the number of jobs to be created, the investment to be made, or other factors that, in his/her judgment, warrant such determination.
After being notified of the denial, the applicant shall have sixty (60) days to request the Executive Director to reconsider his/her application by stating any facts and arguments regarding the application that the applicant may deem pertinent, including offering any consideration in benefit of Puerto Rico that may warrant the reconsideration of his/her application.
History —July 31, 2014, No. 120, § 3.5.