Section 5Sec./Art. 5

Incentives. For the purpose of encouraging business enterprises to generate and sustain green jobs as certified by the Climate Change Commission, as provided in Section 6(o) hereof, business enterprises shall enjoy the following incentives:

(a) Special deduction from the taxable income equivalent to fifty percent (50%) of the total expenses for skills training and research development expenses which is over and above the allowable ordinary and necessary business deductions for said expenses under the National Internal Revenue Code of 1997, as amended; and

(b) Tax and duty free importation of capital equipment: Provided, That the capital equipment is actually, directly and exclusively used in the promotion of green jobs of the business enterprise.

Incentives that will be granted under this Act shall be in addition to fiscal and non-fiscal incentives already granted or provided under existing laws, orders, issuances and regulations.

Nothing in this Act shall be interpreted or construed to diminish or limit, in whatever manner, the incentives granted or provided under existing laws, orders, issuances and regulations which shall include, but not limited to, Republic Act No. 10121 or the Philippine Disaster Risk Reduction and Management Act of 2010; Republic Act No. 10068 or the Organic Agriculture Act of 2010; Republic Act No. 9513 or the Renewable Energy Act of 2008; Republic Act No. 9367 or the Biofuels Act of 2006; Republic Act No. 9275 or the Philippine Clean Water Act of 2004; Republic Act No. 9003 or the Ecological Solid Waste Management Act of 2000; Republic Act No. 8749 or the Philippine Clean Air Act of 1999; and Republic Act No. 8550 or the Philippine Fisheries Code of 1998.