Puerto Rico Financial Package is a comprehensive set of initiatives and programs designed to stimulate economic growth, attract investments, and improve the financial stability of Puerto Rico. The package includes a range of incentives, tax breaks, and financial aid to promote economic development and create opportunities for businesses and individuals. One of the main components of the Puerto Rico Financial Package is the Act 20 (Export Services Act) and Act 22 (Individual Investors Act). Act 20 is specifically targeted towards businesses engaged in export services, offering them tax incentives such as a fixed corporate tax rate of just 4% and exemption from local income taxes. Act 22, on the other hand, aims to attract high-net-worth individuals and investors to relocate to Puerto Rico by providing tax exemptions on capital gains and other forms of income generated after becoming a resident. Another notable initiative is the Puerto Rico Tourism Development Act, which provides various incentives and tax exemptions for investments made in the tourism industry. This includes exemptions on sales and use taxes for the purchase of materials, machinery, and equipment related to tourism projects. The Puerto Rico Financial Package also includes various grants, loans, and financing options to support entrepreneurs, small businesses, and local industries. For instance, the Puerto Rico Industrial Development Company (PRI DCO) administers loans and grants to foster industrial development and job creation, while the Puerto Rico Tourism Company (PRC) offers financial assistance for tourism-related projects. Additionally, the package encompasses tax incentives and benefits for businesses that establish or expand operations in designated areas known as Opportunity Zones. These zones aim to revitalize economically distressed areas by providing tax advantages, such as deferral or reduction of capital gains taxes. Furthermore, the Act 154, also known as the Merchant Marine Act, grants tax incentives to companies engaging in qualified shipping activities, promoting Puerto Rico as a shipping hub and fostering maritime trade. Overall, the Puerto Rico Financial Package encompasses a range of initiatives aimed at attracting investors, promoting economic growth, and providing financial aid and incentives across various sectors and industries. These initiatives include Acts 20 and 22 for businesses and individuals, the Tourism Development Act, grants and loans from PRI DCO and PRC, Opportunity Zones incentives, and the Merchant Marine Act.
Puerto Rico Financial Package
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In 2021, Puerto Rico had a population of 3.31M people with a median age of 43.1 and a median household income of $21,967. Between 2020 and 2021 the population of Puerto Rico grew from 3.26M to 3.31M, a 1.71% increase and its median household income grew from $21,058 to $21,967, a 4.32% increase.
Puerto Rico is a U.S. territory, and Puerto Rican citizens can fill out the FAFSA to request federal student aid. Entering your financial information into the FAFSA can help you determine whether you qualify for grants, scholarships, and loans.
The following data are the most current income statistics for Puerto Rico from the US Census Bureau, are in 2021 inflation adjusted dollars and are from the American Community Survey 2021 5-year estimates. Median Household Income: $21,967. Average Household Income: $34,931. Per Capita Income: $14,047.
The poverty rate in this Pacific island territory is staggering 51%. Of that 51%, 1,800 families income does not exceed $5,000 a year. The poverty rate in Puerto Rico is much higher than any all 50 other states. It doubles the next highest state's poverty rate with Mississippi at 24.2% compared to Puerto Rico's 44.9%.
Puerto Rico's second automatic increase in the minimum wage is July 1, 2023, from $8.50 per hour to $9.50 per hour. With limited exceptions, this increase will apply to all non-exempt employees covered by the Fair Labor Standards Act. The Puerto Rico Minimum Wage Act, Act No. 47-2021, was enacted on January 1, 2022.
Table PopulationIncome & PovertyMedian household income (in 2021 dollars), 2017-2021$21,967Per capita income in past 12 months (in 2021 dollars), 2017-2021$14,047Persons in poverty, percent?? 41.7%54 more rows
Earlier this year, Puerto Rico was approved for up to $109 million in State Small Business Credit Initiative (SSBCI) funds, a small business program reauthorized and expanded under the ARP.
Puerto Rico also lacks economic sovereignty. The U.S. dollar is its currency, U.S. federal regulators oversee its businesses, and U.S. laws dictate its trade policy. Residents pay most federal taxes; their contributions totaled more than $4 billion in fiscal year 2021.