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Mariculture/Commercial Fishing/Aquaculture
Tax incentive for mariculture, commercial fishing, and aquaculture operations supporting seafood production.
7 min
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Section Code:
2081.01(a)(2)(vii)
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Purpose:
Agroindustry — 2081.01(a)(2)(vii)
Overview
The Mariculture/Commercial Fishing/Aquaculture designation under Section 2081.01(a)(2)(vii) of Act 60-2019, as amended, provides preferential tax treatment for marine farming, commercial fishing, and aquaculture operations. This designation supports seafood production through fish farming, shellfish cultivation, commercial fishing, and marine aquaculture.
Qualifying operations may receive reduced corporate income tax rates, property tax exemptions on facilities and vessels, and municipal tax relief. The program attracts aquaculture farms, commercial fishing operations, and marine food producers.
The key distinction is its focus on marine and aquatic food production rather than land-based agriculture. These operations harvest or cultivate seafood for commercial markets.
Key Benefits
Reduced Corporate Income Tax Rate
Aquaculture operators may receive reduced rates on income from seafood production.
Property Tax Exemptions
Aquaculture facilities, vessels, equipment, and marine infrastructure may receive property tax exemptions.
Municipal Tax Relief
Operations may receive exemptions from municipal license taxes.
Seafood Production
Operations support local seafood production and reduce dependence on imported seafood products.
Requirements & Obligations
Aquaculture Operations Requirements
Operations must involve genuine mariculture, commercial fishing, or aquaculture activities producing seafood.
Environmental Compliance
Operations must comply with marine environmental regulations, sustainable fishing practices, and aquaculture standards.
Licensing
Commercial fishing and aquaculture operations must obtain required maritime and fishing licenses.
Employment
Operations must employ Puerto Rico residents.
Reporting
Annual reports document production or catch volumes, revenues, and employment.
How to Apply
Applications typically require six (6) to twelve (12) months. Applications include operation descriptions, facility or vessel information, environmental compliance programs, and financial projections. Upon approval, operators commence aquaculture or fishing operations.
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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