HFA launches mortgage loan assistance program
April 29, 2011
Some 1,500 Puerto Rico homeowners facing the possibility of foreclosure may be able to qualify for a new $20 million emergency assistance program unveiled Friday by the Puerto Rico Housing Financing Authority, in agreement with local banks.
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Fortuño names new EDB chief
April 27, 2011
Gov. Luis Fortuño announced Wednesday the appointment of Ivonne Otero Guzmán as Economic Development Bank president, succeeding banker Lizzie Rosso who resigned to the post late last month to return to the private sector.
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Fortuño unveils $9.26B budget for fiscal ’12
April 13, 2011
Gov. Luis Fortuño announced Tuesday his administration’s proposed $9.26 billion budget for fiscal 2012, which is $110 million higher than the one currently being spent that expires June 30.
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Electronic corporate filings increase by 413%
April 12, 2011
Just four days before this year’s April 15th filing deadline, the number of corporate annual report filings at the State Department through Sunday had increased by 413 percent in comparison to the same date last year, which Secretary of State Kenneth McClintock attributed to the almost mandatory electronic filing requirement.
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SIF reports record number of insured employers
April 10, 2011
The State Insurance Fund closed 2010 with 116,380 insured Puerto Rico employers on record, the highest number reported in the agency’s 75-year history, Administrator Zoimé Álvarez said Saturday.
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McClintock: Public Utility Commission in the works for P.R.
April 6, 2011
The State Department is getting technical assistance from the U.S. Department of Energy to establish a Public Utility Commission in Puerto Rico that would merge the Public Service Commission and the Telecommunications Regulatory Board. The new entity would also regulate the Puerto Rico Electric Power Authority and the Puerto Rico Aqueduct and Sewer Authority, Secretary of State Kenneth McClintock told News is my Business.
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Full text of the IRS resolution on 4% excise tax credit
March 31, 2011
On Thursday, News is my Business obtained a copy of the notice the Internal Revenue Service sent to the government of Puerto Rico with regards to the federal credit granted for the 4 percent excise tax that went into effect in January.
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IRS confirms 4% excise tax can be written off federal return
March 31, 2011
Local manufacturing companies subjected to the 4 percent excise tax imposed in January through Law 154 may want to breathe a sigh of relief, as the Internal Revenue Service has confirmed that they will be able to take a credit on their federal income tax returns for the amount paid in Puerto Rico.
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Gov’t focuses on women entrepreneurs, grants $3.3M in loans
March 28, 2011
Local women entrepreneurs were the focus of the government’s attention Monday, when Gov. Luis Fortuño met with a small group to “acknowledge the vital role they play in boosting our economy.”
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Gov’t housing incentive program moves more than $1.7B in property sales
March 24, 2011
With just three months left before the government’s housing incentives program comes to an end, Housing Finance Authority Executive Director George Joyner urged consumers looking to buy a property to avoid waiting until the last minute.
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P.R. scouting for Hollywood business
March 4, 2011
The island’s allure for the glamour and glitz of Hollywood got a new boost Friday when Gov. Luis Fortuño — accompanied by performers Marc Anthony and Jennifer López — signed the new Puerto Rico Film Industry Economic Incentives Law that grants a slew of benefits to movie producers.
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EDB chief to step down at end of month
March 4, 2011
By month's end, the government's two banks will see a turnover at the helm.
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NY debt insurer: P.R. poised for fiscal recuperation despite recession, obstacles ahead
March 2, 2011
New York-based National Public Finance Guarantee Corp. on Wednesday gave props to the government’s progress in successfully addressing Puerto Rico’s “structurally unbalanced fiscal environment.”
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Fortuño signs new stricter pawnshop law
March 2, 2011
Puerto Rico’s $30.1 million pawn industry will have to abide by a new law that went into effect this week, which among other stipulations, requires companies to be licensed to purchase metals and precious stones.
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EDB announces $8.2M in support for local businesses
February 28, 2011
The Economic Development Bank announced Sunday the approval of $7.2 million in loans — and a $1 million revolving credit facility — to help a trio of local businesses develop and keep their businesses going.
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