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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Pridco redesigns federal contracting program to help local businesses
February 22, 2011
Puerto Rico businesses are missing out on making millions from federal government contracts each year, a shortcoming that represents a significant loss of growth opportunities. Looking to mitigate that, the Puerto Rico Industrial Development Co. on Tuesday announced the creation of the Federal Contracting Center, an office that will begin operating next month at the agency’s Hato Rey headquarters.
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EDB looks to boost loan portfolio, expand benefits to small-, mid-sized entrepreneurs
February 20, 2011
The Economic Development Bank announced Sunday it is looking to boost its loan portfolio for Puerto Rico’s small- and mid-sized businesses by nearly 10 percent, to $275 million, in fiscal ’12, as a result of efficiencies achieved at the agency over the past 23 months.
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CNE: Gov’t has met goal of reducing deficit, but not expenses
February 18, 2011
Sergio Marxuach (Credit: ©Mauricio Pascual) Two years after the Luis Fortuño administration declared the island in a state of fiscal emergency, and put into motion a series of cost-cutting and revenue-generating measures, the government has managed to control expenditures and reduce the structural deficit — and has piled on debt — an analysis by the […]
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GDB President stepping down
February 16, 2011
GDB President Carlos García (Photo credit: ©Mauricio Pascual) Government Development Bank President Carlos García will be stepping down from his post effective March 1, the official confirmed Wednesday. He will be succeeded by Juan Carlos Batlle, another banker.García’s resignation comes two years after he accepted the job, leaving his position as COO of Santander BanCorp […]
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Gov’t announces first of several agreements with PR rum producers
February 4, 2011
Joaquín Bacardi and José Pérez-Riera In an effort to convey the message to the rum industry that PR is a viable place to do business, the Economic Development and Commerce Department announced the signing of a 20-year agreement with Bacardí Corp., ensuring its permanence on the island. As part of the agreement, the goverment will […]
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Legislature passes tax reform, Gov. Fortuño to sign it Monday
January 31, 2011
The Treasury Department is responsible for implementing the new tax code. (Credit: Mauricio Pascual©) Following two days of marathon House and Senate sessions, both chambers approved the overhaul of the Puerto Rico Internal Revenue Code, through which the Fortuño administration has promised tax benefits to individuals and businesses to be funded mostly by a new […]
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Lawmakers submit bill to require display of nutritional info
January 21, 2011
(Credit: Wikipedia Commons) While the local Legislature is pursuing a bill requiring restaurant chains with five or more locations on the island to publicly display the nutritional value of the meals they sell, the Food and Drug Administration on Friday postponed a similar menu labeling requirement it was looking to impose on stateside eateries. The […]
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