Fiscal board approves one‑time economic incentive proposed by Treasury Dept.

By THE STAR STAFF

The Financial Oversight and Management Board for Puerto Rico has approved the island Treasury Department’s proposal for establishing eligibility and other requirements for the one-time economic incentive.

In a letter sent Tuesday to Treasury Secretary Ángel Pantoja Rodríguez, the oversight board’s executive director, Robert Mujica Jr., confirmed that the board completed its review of proposed Internal Revenue Circular 26‑0X and designated it as “approved.” The measure outlines how the Treasury Department will administer and disburse the incentive, which was signed into law by Gov. Jenniffer González Colón on Feb. 3.

The oversight board emphasized that its review was limited strictly to determining whether the circular complies with the certified Fiscal Plan. It stressed that the approval does not constitute a legal review of the incentive program or its implementation under federal or local laws, including labor regulations.

“Any material changes to the Proposed Circular Letter must be submitted to the Oversight Board for its review and approval prior to adoption and publication,” the board’s letter states.

The oversight board also noted that its assessment relied entirely on information provided by the Treasury Department and that it did not independently verify the data. Should the board later identify inaccuracies or misrepresentations -- intentional or otherwise -- it may revisit its determination.

Mujica added that the board reserves the right to issue additional observations or modify its position if new information emerges. He also said that information received during the review process could be referred to relevant authorities if warranted.

The approval clears a key administrative step for the González Colón administration as it prepares to distribute the one‑time incentive, which lawmakers framed as a targeted economic relief measure. The amount of the incentive and the population eligible to receive it were established in Joint Resolution 6‑2026, part of the government’s broader effort to stimulate economic activity amid ongoing fiscal constraints.

The oversight board’s letter was addressed solely to the Treasury Department and applies only to the proposed circular.

Last week, the Treasury Department said the criteria for eligibility required the filing of the 2025 Income Tax Return on or before the deadline or with an extension.

Individuals must have a net income subject to tax that is equal to or less than $150,000 and live in Puerto Rico.

Another requisite is not having opted for the Optional Contribution or having been subject to the payment of the Alternate Basic Contribution in the 2025 return.