Esta ley enmienda la Ley Núm. 20 de 10 de julio de 1992 para añadir una deducción adicional en el cálculo de impuestos sobre ingresos para negocios e industrias en la Península de Cantera. La deducción es equivalente al cinco por ciento (5%) del salario mínimo aplicable por cada nuevo empleo creado, siempre y cuando cumpla con ciertos requisitos como ser un empleo a tiempo completo, no reemplazar un empleo existente y ser ocupado por un residente de la Península de Cantera por un período continuo.
(S. B. 203) (Conference) (No. 306) (Approved December 25, 2002)
To add a subsection
(f) to Section 9 of Act No. 20 of July 10, 1992, as amended, in order to grant an additional deduction for paid wages, equivalent to five (5) percent of the applicable minimum wage of every newly created job to all businesses or industries in the Cantera Peninsula for the purposes of computing their income taxes.
Act No. 20 of July 10, 1992, as amended, promoted the integral development of the Cantera Peninsula, which currently serves as the model plan of community development in Puerto Rico. This community was lagging before the government provided it with the tools and mechanisms needed to initiate its integral development, which is executed through the joint efforts of the Central Government, the Municipal Government and the private sector.
This integral development plan has the purpose of improving the quality of life of the residents of the area. This improvement is achieved through the education and training of the population, the creation of jobs and business, commercial and industrial opportunities for its inhabitants, and the reconstruction and consolidation of the urban network, in the private space as well as in the public space.
Although the implementation of Act No. 20 appropriately distributed the services and facilities and offering economic opportunities in the sector, there are still unachieved objectives. This Legislature deems it is necessary
to offer an additional deduction to all industries or businesses established in the Cantera Peninsula for paid wages equivalent to five (5) percent of the applicable minimum wage of every newly created job, for the purposes of computing their income taxes. The tax incentive granted by this Act shall foster the creation of jobs, thus contributing to the achievement of the goals established for this community.
Section 1.- A subsection
(f) is hereby added to Section 9 of Act No. 20 of July 10, 1992, as amended, to read as follows: "Section 9.- Tax Incentives.- The following tax benefits shall be provided to the entities that contribute to the Company for the Integral Development of the Cantera Peninsula:
(a) ...
(f) For purposes of computing their income taxes, all businesses or industries established or to be established in the Cantera Peninsula shall be entitled to an additional deduction for paid wages equivalent to five (5) percent of the applicable minimum wage of each new job created after the approval of this Act. This deduction shall be in addition to any other deduction granted by any Act and the same shall be for a five-year (5) term.
In order to be entitled to the deduction granted by this subsection, it is necessary that the newly created job: (1) does not eliminate or replace a job existing prior to the approval of this Act; (2) is a full-time job of not less than thirty-five (35) hours a week; and
(3) is performed by a resident of the Cantera Peninsula for a continuing period of not less than six (6) months of a taxable year, except in those business or industries that are cyclic or seasonal due to their nature."
Section 2.- This Act shall take effect immediately after its approval.
I hereby certify to the Secretary of State that the following Act No. 306 (S.B. 203) (Conference) of the $4^{ ext {th }}$ Session of the $14^{ ext {th }}$ Legislature of Puerto Rico:
AN ACT to add a subsection
(f) to Section 9 of Act No. 20 of July 10, 1992, as amended, in order to grant an additional deduction for paid wages, equivalent to five (5) percent of the applicable minimum wage of every newly created job to all businesses or industries in the Cantera Peninsula for the purposes of computing their income taxes, has been translated from Spanish to English and that the English version is correct.
In San Juan, Puerto Rico, today $30^{ ext {th }}$ of September of 2004.
Elba Rosa Rodríguez-Fuentes Director