20-270 20-270 . . . Executive Incentive Plan under which corporation can award restricted stock and units. Restricted stock consists of common stock of corporation which contains restrictions on transfer and forfeiture in event of termination of employment prior to expiration of time period specified in grant. units are equivalent of corporation's book value per share and are issued and credited on corporation's books to employees on condition that said units must be resold to corporation. Corporation must purchase units at end of 5 year incentive period or upon termination of employment (whichever comes first) for amount equivalent to book value at that time plus dividends declared during incentive period and less book value on date of grant
Puerto Rico Executive Incentive Plan
State:
Multi-State
Control #:
US-CC-20-270
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Word;
Rich Text
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Act 60 was intended to boost the Puerto Rican economy by encouraging mainland U.S. citizens to do business and live in Puerto Rico, and as is the case with many incentive programs, the opportunity and temptation to abuse these programs has led some to do just that.
Specifically, a U.S. citizen who becomes a bona fide Puerto Rico resident and moves his or her business to Puerto Rico (thus, generating Puerto Rico sourced income) may benefit from a 4% corporate tax/fixed income tax rate, a 100% exemption on property taxes, and a 100% exemption on dividends from export services.
What does this mean? It means that once the person becomes a resident individual investor of Puerto Rico unde Puerto Rico Incentives Code 60 ? and until 1/1/2036 ? any dividend or interest income is exempt from tax in Puerto Rico.
Puerto Rico Tax Act 22 A complement to Puerto Rico Acts 20, 27 and 73, Act 22 offers special Puerto Rico tax incentives to business owners, entrepreneurs, and executives.
A 25 percent non-transferable tax credit for the purchase of products manufactured in Puerto Rico (PR-Products Credit) and a transferable tax credit equal to 50 percent of the eligible investment made for research and development activities in Puerto Rico (R&D Credit).
The Island's incentive package for the tourism and hospitality industry is equally enticing. You can access the Puerto Rico Tourism Company's Virtual Clerk to request incentives. A tax credit equal to 40% of the eligible investment, the first tranche at the second year of operation, and the rest in subsequent years.
