Incentives are one of the cornerstones of modern economic policymaking. In response to the ongoing global reformulations of these policies, this report provides a framework for a renewed, evidence-based incentive policy for Puerto Rico. To understand the Island's performance in terms of its economic incentives, it is necessary to focus on a systematic evaluation of the current diverse set of incentive programs under Act No. 60-2019, as amended, known as the “Puerto Rico Incentive Code” (Law 60). In addition, previous incentive laws should be considered to develop a comprehensive evaluation of their effectiveness and recommend a path forward. To carry out this evaluation, a robust data infrastructure for the beneficiaries of the programs was designed and developed. This, in turn, allowed the Department of Economic Development and Trade (DDEC) to support the ongoing management of economic incentives. Using evidence-based methodologies (with limited estimates), key programmatic policies are recommended to improve the measurement and execution of such incentives. This work can be explained in three main actions: 1. Gather all the necessary data to estimate the Return on Investment (ROI) analysis, while updating the ROI.2 formula. Develop case studies and illustrate results, projections and comparative references.3. Make data and/or policy recommendations to improve the impact of current incentive programs. Puerto Rico's incentive policies have a complex history. Several sectors and activities have been encouraged since the 1950s. Most of the tax decrees currently in force were granted in the last 25 years through various laws enacted since 1997, as shown in Figure 1. Despite this, beneficiaries have made the transition to the most recent versions of each applicable incentive, in accordance with Law 60. In addition, these “inherited decrees” could transition to more up-to-date incentives, such as those of Law 60, over the next decade. To measure the full impact of Act 60, a detailed evaluation of previous incentive programs is required. Since decrees under previous laws constitute the majority of active decrees, the impact of Act 60 remains relatively small due to the limited number of active beneficiaries. Therefore, to evaluate the real performance of economic incentives on the Island, the entire spectrum of active decrees and their respective legislation must be considered.