Sitting by the Dock of the Act 22 Bay

Tax Breaks Probed by Local and Federal Authorities

The debate over the effectiveness of the tax exemption decrees granted to investors interested in doing business in Puerto Rico continues in the Legislative Assembly after public hearings were held earlier this month on Senate Bill 684, which seeks to amend the Puerto Rico Incentives Code, specifically the provisions that have to do with the Act to Promote the Relocation of Investors to Puerto Rico, previously known as Act 22 of 2012 and which was incorporated into the incentives code.

SB684, which was authored by the Popular Democratic Party senator and former secretary of the Treasury, Juan Zaragoza, and New Progressive Party Senator and former Senate President Thomas Rivera Schatz, stipulates in its language that current law has allowed the improvement of certain economic activities in Puerto Rico and “it is necessary to make amendments that promote a better balance between attracting individual investors to the island, direct job creation, capital investment, and treasury revenues that can be reinvested in a better quality of life for all Puerto Ricans.”

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