P.R. Laws tit. 13, § 10841
In General.— The Secretary of the Treasury shall establish a special fund, known as the “Special Fund for the Development and Promotion of Export Services” (“Special Fund”). During the effective term of this act, ten percent (10%) of the revenues arising from the income tax paid by eligible businesses that hold a decree under this chapter shall be deposited in said fund. The Special Fund for Economic Development of Act No. 73-2008 shall contribute the sum of five (5) million for the fiscal year in which this Act is approved, and five (5) million for the following fiscal year.
The monies in the Special Fund established herein shall be managed by the Secretary and shall be used exclusively for the following purposes:
(a) Provide special incentives to encourage and promote investment and training of eligible businesses.
(b) Provide special incentives that facilitate the establishment of new businesses in Puerto Rico.
(c) Provide special incentives to promoters, in lieu of or in addition to the benefits of a decree under this chapter.
(d) Provide special incentives for education and training in areas related to services for exportation.
(e) Hire professionals from the private sector to help the Secretary comply with his/her duty to promote this chapter or any other act related to economic development as determined by the Secretary through regulations.
(f) Defray the administrative expenses related to the inspections and audits of this program. This shall include trainings, equipment and the hiring of trained personnel to ensure compliance with this chapter.
(g) Defray expenses associated with campaigns to promote, in the United States and internationally, the incentives and activities of the Puerto Rico International Insurance Center, created under §§4301 et seq. of Title 26, and the International Banking Center, created under § 3081 et seq. of Title 7, known as the “International Banking Center Regulatory Act”.
The Secretary, with the advice of the Executive Director, shall establish through regulations the terms, conditions, eligibility, and criteria to be used in the disbursement of money from the Special Fund. The disbursement of money from the Special Fund shall be subject to the approval of the Executive Director and its Board of Directors.
Notice This section has more than one version with varying effective dates. First of two versions of this section.
History —Jan. 17, 2012, No. 20, § 13;, renumbered as § 14 on July 11, 2012, No. 138, § 6; Oct. 15, 2013, No. 119, § 2; July 23, 2014, No. 106, § 1; July 2, 2015, No. 105, § 11; July 22, 2016, No. 81, § 8.