DDEC grants tax exemptions incentives to young entrepreneurs in 15 towns
The Department of Economic Development and Commerce’s (DDEC, in Spanish) Office of Business Incentives announced it has granted tax exemption incentives to 25 young entrepreneurs from 15 municipalities throughout the island to develop new businesses.
The agreements provide, for a period of three years, the following benefits: 100% exemption in the payment of tax on personal property and 100% exemption in the payment of municipal taxes, directly related to the operation of the business. Also, 100% exemption on the first $500,000 of net income.
“We’re very satisfied with the large number of young people who are undertaking a variety of types of businesses throughout the island. Our commitment is to support them, especially in the beginning of their projects,” DDEC Secretary Manuel Cidre said.
“Getting started is always the most difficult, and with these benefits they can focus more on business development. Puerto Rican youth has a leading role in the Puerto Rico that we all aspire to,” he said.
The entrepreneurs who got the incentives are from Juncos, Sábana Grande, Vega Baja, Trujillo Alto, San Sebastián, Toa Baja, Aibonito, Gurabo, Humacao, Yabucoa, Manatí, San Lorenzo, Bayamón, Guaynabo and San Juan.
The types of businesses they will develop include beauty salons, food trucks, restaurants, a coffee shop, a mobile bar, software development, construction and maintenance, naturopathy, administration, management, accounting, consulting, ambulatory mental health, advertising and marketing, engineering, architecture, and design.
Also, information technology, legal and real estate services, sale of articles for babies and children, clothing, accessories for boats and cars, health and beauty products, and mobile equipment.
Young entrepreneurs between 16 and 35 years old seeking more information about this and other programs may send an email or call 787-764-6363.