Every business or industry established or to be established in Santurce, as defined in this chapter, shall be entitled to an additional deduction for the purpose of computing its income tax, equivalent to five percent (5%) of the applicable minimum wage of each new job created. This deduction shall be in addition to any other one granted by any act, and shall be for a term of five (5) years. To be entitled to this deduction, it shall be necessary that the new job created:(a) Does not eliminate or replace a job existing prior to the approval of this act.(b) Is on a full-time basis of forty (40) hours per week.(c) Is continuously held by the same person for a period of not less than six (6) months of a taxable year.Also eligible shall be those types of employment determined through regulations by the Department of Labor and Human Resources and the Department of Treasury, as proposed by the Special Interagency Task Force for Santurce. History —Aug. 4, 1988, No. 148, p. 618, § 10, renumbered as § 9 and amended on Apr. 17, 2003, No. 110, §§ 2, 3.
Puerto Rico Legal Code