Pierluisi names new Puerto Rico Labor Secretary
January 10, 2022
Gov. Pedro Pierluisi has appointed Gabriel Maldonado-González as Puerto Rico’s new Department of Labor and Human Resources secretary, filling the vacancy left by his predecessor, Carlos Santiago, who stepped down Dec. 31. Maldonado has extensive government and private sector experience, as well as in the field of labor law, both in the state and federal […]
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PRIDCO expects to reap benefits of ‘strategic transformation’ in ’22
January 5, 2022
After wrapping up what he called a “complex year” during which many projects were kicked-off and made possible using Puerto Rico Industrial Development Company (PRIDCO) properties, agency Executive Director Javier Bayón said 2022 brings a loaded agenda in favor of Puerto Rico’s economic development. PRIDCO officials spent the better part of 2021 reshaping the agency’s […]
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FEMA moves forward with earthquake recovery efforts in Puerto Rico
January 5, 2022
Two years after the string of earthquakes that hit Puerto Rico at the end of 2019, the recovery continues with more than $523 million that the Federal Emergency Management Agency (FEMA) has allocated. The funds are distributed among projects in 14 municipalities of the southern, western, and central parts of the island. Among the structures […]
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Individual investors paid nearly $100M in taxes in 2017-2018, DDEC report shows
January 4, 2022
Beneficiaries of the Individual Investor Incentive program under Law 60, or the Puerto Rico Tax Code, paid nearly $100 million in taxes in 2017 and 2018, according to the Department of Economic Development and Commerce’s (DDEC, in Spanish) “Annual Report on the performance of the incentives granted under the Puerto Rico Incentives Code.” The first […]
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US Dept. of Treasury grants 1-year transition period for taxpayers under Act 154
December 30, 2021
The US Department of Treasury and the IRS released the final regulations related to the Foreign Tax Credit under Act 154, which grants an additional transition year to taxpayers who currently pay under that tax system, Puerto Rico Treasury Secretary Francisco Parés confirmed. “The provisions in the regulations, regarding Puerto Rico, are the product of […]
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FEMA obligations for permanent work in Puerto Rico exceed $19M
December 29, 2021
While the Federal Emergency Management Agency (FEMA) maintained a fast-paced obligation of funds last year, construction work leads the way toward the revitalization of many communities throughout the island, the agency said. To date, FEMA has allocated more than $25.7 billion in federal funds, of which more than $19 billion are for permanent work. Hundreds of projects […]
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Puerto Rico Treasury processes 99% of returns filed this taxable year
December 20, 2021
The Puerto Rico Treasury Department confirmed that despite the need of more staff, close to 1.2 million income tax returns for individuals and corporations for taxable year 2020 have been processed, which represents 99% of the total returns filed. Of that total, about 1 million have received their refunds. “We have quickly disbursed close to […]
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DDEC, SBA urge SMEs and to apply for COVID-19 recovery loans before Dec. 31
December 20, 2021
The Department of Economic Development and Commerce (DDEC, in Spanish) and the U.S. Small Business Administration are urging small and medium-sized enterprises (SMEs) and nonprofits to apply for the Economic Damage Disaster Loan if their operations have been hit by the effects of the COVID-19 pandemic before the Dec. 31 deadline. On Oct. 8, the […]
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USDA grants Puerto Rico $38.5M to improve critical rural infrastructure
December 17, 2021
The US Department of Agriculture granted $38.5 million to nine projects in Puerto Rico, which will improve critical rural infrastructure, the agency announced. Through this funding, the US government hopes to help expand access to high-speed internet, clean water and reliable electricity in people’s homes and businesses across rural areas, it said in a statement. […]
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Gov’t revokes 121 tax incentives decrees under Act 22
December 16, 2021
The Department of Economic Development and Commerce (DDEC, in Spanish) has revoked 121 tax incentive decrees to Act 22 (now Act 60) beneficiaries who failed to submit annual reports to the agency, as the law required. Carlos Fontán, director of the DDEC’s office of business incentives in Puerto Rico, said in April, the agency began […]
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10K New Year’s Eve revelers expected at Puerto Rico Convention Center festivities
December 16, 2021
Puerto Rico’s New Year’s Eve countdown at the Convention Center District is expected to draw as many as 10,000 revelers, who will be required to be fully vaccinated against COVID-19 to participate, government officials said. In a press conference, Gov. Pedro Pierluisi and Convention Center District Authority Executive Director Mariela Vallines, said the “From Puerto […]
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Puerto Rico Labor Secretary stepping down Dec. 31
December 15, 2021
Following a year and a half at his post as Puerto Rico Labor Secretary, Carlos Rivera is stepping down for personal reasons effective Dec. 31, he confirmed in an interview with News is my Business. “I’ll be honest when I say that I had to manage an emergency and I wasn’t going to turn my […]
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Puerto Rico Labor Dept. investing $22M on new online jobless benefits platform
December 15, 2021
The Puerto Rico Labor Department will implement a new virtual platform for the island’s unemployment program — a $22 million project for which it has hired the firm Geographic Solution to work in collaboration with the Puerto Rico Innovation and Technology Services (PRITS) office. The new platform will be developed in phases and will be […]
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San Juan to invest $210M over 36 months to revitalize infrastructure
December 14, 2021
San Juan Mayor Miguel Romero unveiled a lofty agenda to develop and revitalize the city’s infrastructure, investing $210 million over the next 36 months. The works will be developed through grants obtained from the Federal Transit Administration, the Federal Emergency Management Agency (FEMA), CDBG-DR funds under the City Revitalization program, as well as local funds, […]
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Labor Dept. transfers 19 ‘Pa’ mi Gente’ kiosks to promote self-employment
December 14, 2021
The Puerto Rico Labor Department announced the transfer of 19 mobile kiosks to the same number of municipalities in Puerto Rico’s southern, eastern, and western flanks to boost self-employment and economic activity, agency Secretary Carlos Rivera confirmed. The “Pa’ mi Gente” program was created in 2010 and ran through December 2016 under the Labor Department. […]
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