Saturday, October 19, 2019

Gov. Rosselló enacts export, tourism and film industry measures

By on July 26, 2018

SAN JUAN – Puerto Rico Gov. Ricardo Rosselló signed several measures Wednesday to promote economic development on the island.

Among them was H.B. 1365, authored by House Speaker Carlos “Johnny” Méndez to “promote uniformity” in the incentives available to export companies. It amends Act 20 of 2012.

In its news release, the governor’s office, said that, “previously, and unlike other export activities, companies dedicated to the commercial and mercantile distribution of manufactured products in Puerto Rico for jurisdictions outside the Island, as well as companies engaged in international commercial traffic, were excluded from the tax-related incentives on movable and immovable property.

“This lack of uniformity limited the Government’s ability to attract this type of company. The measure serves this sector by incentivizing their establishment to export products manufactured in Puerto Rico.”

The governor added that “With this amendment, the Government will be in a better position to promote the establishment of more industries such as technology and innovation, which will result in economic development and job creation. With this new tool, we will be in a better position to continue with our initiatives to encourage economic development while completing the process for the transformation of the incentive framework.”

Speaker Méndez said that “amid the great economic challenges facing Puerto Rico, we must ensure opportunities for the emergence of new industries and the creation of jobs in Puerto Rico. House Bill 1365…fosters the establishment of innovative industries to create economic activity and the jobs we so badly need, thus helping the economy of our municipalities,” and “should be seen as part of an aggressive program aimed at turning our Island into a true center for the export of goods and services to the rest of the hemisphere.”

Rosselló also signed House Concurrent Resolution 75, which was authored by Rep. Néstor Alonso Vega and orders the Puerto Rico Tourism Co., in collaboration with the Institute of Puerto Rican Culture (ICP) and the State Historical Conservation Office, to inventory the island’s cultural patrimony attractions, by region, in Puerto Rico.

Alonso Vega is quoted in the release as saying that the inventory of attractions will help “identify alternatives to increase and strengthen our competitiveness in the market” with “a better tourism development plan in Puerto Rico and to know with certainty our patrimonial heritage and, in turn, showing the potential these places have for the entire industry and to take advantage of their importance in favor of our economy, culture and our tourism.”

The governor emphasized that “tourism is one of our main sources of economic development,” and that the creation of the [island’s] destination marketing organization and the arrival of more cruises and flights are some of the achievements we have achieved as an Administration in the past months and we must continue implementing measures for the growth of this sector.”

In addition Wednesday, Rosselló signed another bill authored by Méndez. House Bill 1663 was co-authored by Rep. José Meléndez Ortiz to establish “new parameters for the sound administration of credits granted to the film industry,” and the use of metrics to “monitor their efficiency.”

You must be logged in to post a comment Login