P.R. Laws tit. 23, § 11123
Eligible expanding SMBs that have entered into a job creation agreement whereby they commit to create Eligible Incremental Jobs as defined in this chapter may choose to avail themselves of the following incentives, provided they meet the requirements of said agreement and this chapter:
(a) Partial wage refund.— Eligible expanding SMBs may apply for a refund equal to fifty percent (50%) of the minimum federal wage of $7.25 per hour, up to a maximum of $3.63 per hour, paid for completing a regular work schedule (without including overtime) to individuals hired to hold the new jobs created by an eligible expanding SMBs in compliance with the agreement entered into with the Company. Said refund shall apply for a maximum of ten (10) full-time employees or the equivalent thereof to wages paid during the twelve (12)-month period of the eligible employee recruitment with respect to eligible employees that have been recruited after a eligible expanding SMB has filed an application under § 11135 of this title and not later than six (6) months after the execution of the agreement; provided it is established, to the satisfaction of the Executive Director, that jobs for which benefits are granted constitute eligible incremental jobs for the eligible expanding SMB. The incentive shall be processed through the PRTEC in compliance with the regulatory requirements and mechanism issued for the administration thereof.
The incentive shall be processed through the Job Promotion Bureau of the Department of Labor and Human Resources under the mechanisms provided in Act No. 52-1991, as amended.
(b) Discount on premiums of the State Insurance Fund Corporation.— Eligible expanding SMBs that have entered into a job creation agreement under this chapter and choose to avail themselves of this incentive shall receive a fifty percent (50%)-discount on premiums payable to the State Insurance Fund Corporation for two (2) years after the execution of the special [sic] agreement in relation to eligible incremental jobs agreed upon in the agreement.
Eligible expanding SMBs shall have a maximum of six (6) months to create the jobs object of the agreement as of the execution date thereof and in relation to which they may apply for the incentives provided herein.
History —July 31, 2014, No. 120, § 2.3.