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Aquaculture
Tax incentive for aquaculture operations in Puerto Rico, supporting fish farming and marine aquatic cultivation.
10 min
•
Section Code:
2081.01(d)
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Purpose:
Manufacturing — 2061(a)(9)
Overview
The Aquaculture designation under Section 2081.01(d) of Act 60-2019, as amended, provides preferential tax treatment for aquaculture operations in Puerto Rico. This designation supports fish farming, shellfish cultivation, and marine aquatic farming.
Qualifying aquaculture operations may receive reduced corporate income tax rates on aquaculture income, property tax exemptions on aquaculture facilities, and municipal tax relief. The program attracts fish farmers, marine farming operations, and aquaculture businesses.
The key distinction of this designation is its focus on aquaculture - the cultivation of aquatic organisms - rather than wild capture fishing. Aquaculture involves controlled farming of fish, shellfish, or other marine species.
Puerto Rico's coastal resources and marine environment support aquaculture development. The incentive encourages aquaculture operations that can increase seafood production and create marine farming employment.
Key Benefits
Reduced Corporate Income Tax Rate
Aquaculture operations may receive reduced corporate income tax rates on income from aquaculture production.
Property Tax Exemptions
Aquaculture operations receive exemptions from property taxes on aquaculture facilities, tanks, equipment, and marine farming infrastructure.
Municipal Tax Exemptions
Aquaculture businesses may receive exemptions from municipal license taxes on aquaculture revenues.
Seafood Production
Aquaculture contributes to local seafood production and food security.
Marine Farming Development
Aquaculture develops marine farming capabilities and creates specialized employment.
Requirements & Obligations
Business Structure and Registration
Aquaculture operations must establish appropriate legal structures and obtain aquaculture permits and licenses.
Aquaculture Operations
Businesses must conduct genuine aquaculture including fish farming, shellfish cultivation, or other aquatic organism farming. Operations must occur in Puerto Rico waters or facilities.
Facility Requirements
Aquaculture operations must maintain appropriate facilities including tanks, ponds, marine enclosures, or other aquaculture infrastructure.
Environmental Compliance
Aquaculture must comply with environmental regulations, marine permits, and sustainable aquaculture practices.
Employment Requirements
Aquaculture operations must employ Puerto Rico residents in fish farming, harvesting, and operations management.
Compliance and Reporting
Annual compliance reports document aquaculture production, revenues, and environmental compliance.
How to Apply
The application process for Aquaculture incentives typically requires four (4) to ten (10) months depending on facility requirements and permitting.
The process begins with aquaculture planning including species selection, site assessment, and facility design. Marine permitting requirements should be addressed.
Applications include aquaculture descriptions, facility plans, production projections, environmental compliance plans, and employment plans.
Review evaluates aquaculture viability and environmental sustainability.
Upon approval, decrees specify terms. Marine and environmental permits must be obtained.
This information is educational and should not be considered legal or tax advice. Applicants should consult with qualified legal and tax professionals familiar with Puerto Rico incentive programs before making any business decisions or submitting applications.
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