The Agriculture Department announced that more than $9 million has been assigned for the Regional Incentive Program, through which farmers will be able to increase and maximize agricultural production on the island. The funding will be available until Oct. 31 through agency’s regional offices as established by Administrative Order 2021-27A. “We have maintained a firm […]
The jobs and economic impact anticipated by the Puerto Rico government never materialized. From being an instrument to attract millionaires and foreign investment, Act 22 went on to become a haven for cryptocurrency fans, YouTube personalities and consultants. By Luis J. Valentín Ortiz, Joel Cintrón Arbasetti and Dalila M. Olmo LópezCenter for Investigative Journalism A […]
Puerto Rican coffee producer Café Oro will expand its manufacturing operations with a $2.4 million investment in equipment, in keeping with plans to export its product. The company has also received the support of the Department of Economic Development and Commerce (DDEC, in Spanish) through incentives, agency Secretary Manuel Cidre confirmed. To achieve its expansion […]
Lufthansa Technik Puerto Rico (LTPR), LLC has agreed to receive funding support from the government of Puerto Rico to cope with the challenges the aviation industry is facing, Department of Economic Development and Commerce Secretary Manuel Cidre confirmed. Lufthansa Technik Puerto Rico is part of the Germany based Lufthansa Technik Group and is specialized in maintenance, […]
The Department of Economic Development and Commerce announced support for seven Puerto Rico-based companies in the food and textile production sector, whose total investments are close to $3.1 million and the creation of more than 700 jobs. The agency is supporting the expansion of Productos Chebo’s, Amasar LLC, Farm City, and Productos La Finca, which […]
In a prepared message and flanked by Financial Oversight and Management Board for Puerto Rico officials, Gov. Wanda Vázquez unveiled a sweeping incentives package to help individuals and small businesses handle the effects of the COVID-19 shutdown, now entering its second week. While 134,200 central government employees will continue to receive their paychecks, private-sector workers, […]
As one of the early applicants under Laws 20 and 22 of 2012, I can attest there was a certain apprehension towards potential changes to the laws that supposedly would be immutable. There was a perception that government had a history of changing the game and not honoring the letter, and even more important the […]
The Puerto Rico Agriculture Department has allocated $1 million to create an incentive program that would help mitigate the effects the drought has had on livestock in 17 municipalities of the island. Agriculture Secretary Carlos Flores-Ortega signed an order authorizing the Agricultural Enterprises Development Administration (ADEA, for its initials in Spanish,) to create a mitigation […]
Participating entrepreneurs will receive up to $100,000 in incentives to help them set off business growth plans, as well as market and export their innovative products based on science and technology.
As part of the Department of Economic Development and Commerce’s "Year of the Puerto Rican film,” agency executives announced 10 local productions will receive $1 million in support through the Film Investment Fund.
Puerto Rico Gov. Ricardo Rosselló submitted a new Incentives Code Bill to the island’s legislature, looking to “establish a new transparent and efficient process for the granting and overseeing of all incentives.”
Gov. Ricardo Rosselló’s administration has put together a list of incentives granted to different sectors and companies that do not offer a return on investment to the public coffers, and will recommend their elimination.
New businesses Primevet, Dismart, NTSPR and Puerto Rico ASC Holdings signed, along with Mayor William E. Miranda-Torres, Socio-Economic Incentives Code decrees representing a committed investment of $3.6 million in the traditional urban center and $5.4 million in other areas of the city.
Puerto Rico will set the stage for yet another Hollywood film production, “Primal” starring Oscar winner Nicolas Cage, Gov. Ricardo Rosselló announced.
Puerto Rico Gov. Ricardo Rosselló submitted his vision for a new tax model to the island’s Legislative Assembly aimed at encouraging work and create economic development through changes to the Internal Revenue Code.
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