A new generation of farmers is building on the foundation of Puerto Rico’s agricultural community, launching farm-to-table restaurants, developing artisanal food products, and embracing sustainable farming techniques. These trends, combined with competitive incentives and emerging interest in hemp and medical cannabis, mean that agriculture in Puerto Rico continues to grow and evolve.
Bona Fide Farmers are exempt from paying income taxes on 90% of income that comes directly from the agricultural businesses. Eligible activities include:
For more information on the exemption, see Chapter 8 of Act 60 (page 243).
Food and beverage manufacturing is a major contributor to the local economy. Global giants such as Coca-Cola and Goya, as well as local enterprises like Vaquería Tres Monjitas and Molinos de PR, employ thousands of people and contribute significantly to the island’s GDP.
Agricultural biotechnology is one of the fastest growing sectors of Puerto Rico’s economy, fueled by favorable year round climate, skilled and professional labor, agricultural academic research centers, excellent soil quality, proximity to the U.S. mainland, a rapid transportation system, and intellectual property protection.
Companies including Pioneer, Bayer, Sygenta, Mycogen Seeds, and Dow-Agro employ more than 2,500 people and boast a combined estimated operational budget of more than $75 million.
The University of Puerto Rico at Mayagüez is a land-grant university with a well-developed agricultural sciences research community and several agricultural experimental stations across the island.
A large, professional network of industry associations, educational institutions, local and federal government supports this growing sector.
Puerto Rico Farm Bureau (PRFB)