Puerto Rico’s governor has signed a law that aims to keep young business owners in a U.S. territory struggling with population loss.
The bill signed Thursday by Gov. Alejandro Garcia Padilla allows for local income tax exemptions on the first $40,000 generated by those aged 16 to 26. They also would receive some tax breaks the first $500,000 generated, as well as have their business applications fast-tracked.
Puerto Rico is struggling to emerge from a nearly eight-year recession while battling an ongoing population loss, with more than 450,000 people leaving the island in the past decade.