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 of Services for Export and Promotion” (‘Special Fund’). During the effectiveness of this chapter, ten percent (10%) of the revenues arising from the income tax paid by eligible businesses that hold a decree under this chapter shall be covered into said fund. The Special Fund for Economic Development of Act No. 73-2008 shall contribute the amount 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 of 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 the costs associated with campaigns directed to promote in the United States and at the international level the incentives and activities of the International Insurance Center of Puerto Rico, created by §§ 4301 et seq. of Title 26, and the International Financial Center created by §§ 3081 et seq. of Title 7, known as the “International Financial 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 monies from the Special Fund shall be subject to the approval of the Executive Director and its Board of Directors.
Provided, That notwithstanding the provisions of this section, for Fiscal Year 2015-2016, the sum of one million dollars ($1,000,000) in account number 1190000-237-081-2012, or any other created for the same purposes in the Department of the Treasury’s accounting system shall be transferred from this Fund to the “2015-2016 Legal Liability Fund”. Provided, further, That for Fiscal Year 2016-2017, the sum of six hundred thousand dollars ($600,000) in account number 1190000-237-081-2012 of the Department of the Treasury’s accounting system shall be transferred from this Fund to the “Special Education Students Service and Therapy Fund”, created by Act No. 73-2014. Provided, further, That for Fiscal Year 2016-2017, the sum of one million, five hundred thousand dollars ($1,500,000) shall be transferred from said account 1190000-237-081-2012 or any other account created for the same purposes in the Department of the Treasury’s accounting system to the “Elections Support Fund”.
Notice This section has more than one version with varying effective dates. Second 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.