SAN JUAN, Puerto Rico – Puerto Rico’s governor has filed legislation aimed at retaining young workers and reversing an exodus of people moving to the U.S. mainland amid economic problems.
Alejandro Garcia Padilla says the measure would allow for tax exemptions on the first $40,000 earned by those ages 16 to 26.
Those in that age bracket who open businesses also would receive certain tax exemptions on the first $500,000 generated in the first three years of operations.
Garcia’s administration said Friday that the measure additionally would make available special financing plans and create an inventory of properties and other items that would be offered to young entrepreneurs at low cost or free of cost.
An estimated 450,000 people have left the island of 3.67 million people in the past decade.