P.R. Laws tit. 23, § 11124
Eligible SMBs with net operating losses that have entered into a job retention agreement as such term is 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 SMBs with net operating losses that prove having net operating losses during each one of the most recent taxable years as of the filing date of the application for the benefits and incentives of this chapter and that, as of the filing date of said application, have retained the total number of employees thereof during the six (6) months preceding the filing of the application, 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 $3.625 per hour, paid for completing a regular work schedule (without including overtime) for a maximum of ten (10) full-time employees or the equivalent thereof. Such refund shall apply to wages paid during the first twelve (12) months of effectiveness of the agreement with respect to eligible employees that are on payroll as of the date of execution of the agreement and that are retained in their jobs. The incentive shall be processed through the PRTEC in compliance with the regulatory requirements and mechanism issued for the administration thereof. In addition, as a condition to receive a partial wage refund for job retention, the eligible SMB shall complete an entrepreneurial training program to be offered by the Trade and Export Company.
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 SMBs with net operating losses that have entered into a job retention 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 jobs retained as provided in the agreement.
History —July 31, 2014, No. 120, § 2.4.