Entering into a new phase of its transformation, Puerto Rico in 2020 introduced Act 60 of July 1, 2019. Act 60 serves to advance the initiatives undertaken by the previously popular and widely adopted Act 22 for investors and Act 20 for service companies, as well as all other tax incentives such acts 73 and 273. Furthermore, 95% of Puerto Rico is designated as a Qualified Opportunity Zone and whose provisions are overseen by those of Act 60.
- The Office of Incentives for Businesses in Puerto Rico (OIBPR) is tasked with administration of all tax incentive applications under Act 60.
- Newly eligible for tax-advantages under Act 60 are: those businesses dealing in blockchain technology, combined heat and power activities, and recorded live events.
- Act 60 takes all of the previous tax incentive acts under one new Act, and separates the incentives by industry into different chapters, including for: Individuals, Exportation (Services and Goods), Financial and Insurance Services, Hospitality, Manufacturing, Infrastructure, Agriculture, “Creative Industries” like arts and entertainment, Entrepreneurship, Logistics, and others
A Single Business Portal was created to offer quicker processing of permit and tax incentive applications. All tax decrees will now have one 15-year term, and are subject to renegotiation with OIBPR in order to extend for an additional fifteen years.