Tax incentives established to boost economy in Río Piedras
By The Star Staff
To continue promoting the economic development of the Río Piedras sector, San Juan Mayor Miguel A. Romero Lugo granted four tax incentive decrees Thursday that make possible the creation and retention of 24 jobs and yield a private investment of $616,297.
The move comes amid public complaints that investors are using Act 60 tax incentives, formerly Act 22 incentives, to hoard properties in Río Piedras, increasing rental fees and displacing residents and students. Once a vibrant commercial sector, the area has fallen on bad times.
Romero Lugo signed the decrees in Callejón del Carmen in Río Piedras along with businesswomen Amanda Ramos, a partner of Selena Pizzería; Laura Pérez, co-owner of Mucho Gusto; Yaritza Lozano García, co-owner of Double Cake; and Desireé Rodríguez Otero, co-owner of Necromancy.
“This morning we are making history by simultaneously granting four tax incentive decrees to four businesses led by women entrepreneurs who bet on making Río Piedras the home for their companies and the space to unleash their creativity and entrepreneurial ingenuity,” Romero Lugo said. “It is no coincidence that these four businesswomen are gathered here today in Callejón del Carmen and that we are together supporting their ventures; they are also convinced that Río Piedras has a lot to offer, just like me.”
In addition to being a hub due to its excellent location and access by various means of public transportation, “Río Piedras has a vibrant community that values the arts and history, which makes it unique as a university, cultural and commercial center,” the mayor noted.
The tax incentive decrees offered by the Capital Entrepreneurship program of the San Juan Department of Economic Development and Tourism aim to promote the creation of new businesses and microenterprises, the rehabilitation and restoration of deteriorated properties and buildings, and the creation of jobs.
“In this sense, these decrees will allow businesses, new and existing, to solidify their operations, continue their progress and reach that new level of growth that I know these young entrepreneurs have projected, along with their partners,” Romero Lugo said.
Of the four businesses, three -- Selena Pizzería, the vegan ice cream parlor Mucho Gusto, and Double Cake confectionery and school -- are dedicated to gastronomy, which will diversify the offer in the area by adding new options for all tastes, the mayor pointed out.