Puerto Rico Defines Act 60 Tax Exemptions for Blockchain Companies – Regulation Bitcoin News

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Puerto Rico is continuing to make strides in the blockchain industry, as the government recently passed a new law that defines tax exemptions for blockchain companies.

The new law, referred to as Act 60, was passed on June 1st and is designed to encourage blockchain companies to move to the island and set up shop. The law provides a number of tax exemptions and benefits for blockchain companies, including a 4% flat corporate tax, no personal income tax, no capital gains tax, and no dividend tax.

The law also provides incentives for blockchain companies to hire local workers, with a 25% reduction in payroll taxes for employers who hire at least three local employees. Additionally, the law provides a 10-year exemption from property taxes for blockchain companies that invest at least $100,000 in the island.

The goal of the law is to make Puerto Rico an attractive destination for blockchain companies, and it appears to be working. Since the law was passed, a number of blockchain companies have already announced plans to move to the island.

The law is also helping to boost the economy of Puerto Rico, as the island is expected to receive an influx of new jobs and investment. This could be a major boost for the island, which is still recovering from the devastation of Hurricane Maria in 2017.

Overall, Act 60 is a major step forward for Puerto Rico in the blockchain industry. The law is designed to provide incentives for blockchain companies to move to the island, which could help to jumpstart the economy and create new jobs. It remains to be seen if the law will be successful in attracting new blockchain companies, but it is certainly a step in the right direction.

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