2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART II - Income Taxes (§§ 30041 — 30622) › Chapter 1007 - Credits Against Tax (§§ 30201 — 30230) › Subchapter A - Nonrefundable Credits (§§ 30201 — 30210d) › § 30210b - Reissue of moratorium to tax credits granted under certain special laws

(a) No tax credits shall be granted after the effective date of this act, and for taxable years beginning after December 31, 2012, and before January 1, 2016; thus, no agency, public corporation, instrumentality, municipality, or entity of the Commonwealth of Puerto Rico may evaluate, process, grant, or extend any tax credit or authorize any project or transaction that results or may result in the generation of tax credits under the provisions stated below:
(1) Section 10712(a) of this title, known as the “Act to Provide Tax Incentives for Investments in Solid Waste Reduction, Disposal, and/or Treatment Facilities”.
(2) Section 3033(a) of Title 7, known as the “Puerto Rico Investment Capital Fund Act of 1999”.
(3) Subsection (a) of § 591h of Title 23, known as the “Special Act for the Creation of the Santurce Theater District”;
(4) Subsection (a) of § 785m-1 of Title 12, known as the “Puerto Rico Conservation Easement Act”; however, during fiscal years 2013-14, 2014-15, and 2015-16, the tax credits covered under the provisions of this paragraph may be granted up to the amount of ten million dollars ($10,000,000) for each year.
(5) Subsections (e) and (f) of § 1095g and § 1095g-1 of Title 21, known as the “Urban Centers Revitalization Act”; except for any construction project started as of July 1, 2013, and any project under this Act subject to the provisions of paragraph (A) below, or tourist activity projects, as such term is defined in §§ 6001 et seq. of Title 23, known as the “Tourist Development Act of 1993”; or affordable housing development projects for sale or rental, or elderly facilities, as well as any other project subject to the following:
(A) Notwithstanding the moratorium established in this paragraph, during fiscal years 2013-14, 2014-15, and 2015-16, the tax credits covered under the provisions of this paragraph may be granted to those projects with certificate of eligibility filed with the Department of the Treasury as of the approval of this act, up to forty million dollars ($40,000,000) for each year; provided, that no tax credit granted to a project shall exceed fifteen million dollars ($15,000,000).
Municipalities may only evaluate and grant certificates of compliance to projects with a certificate of eligibility filed with the Department of the Treasury as of the approval of this act, subject to the availability established in this paragraph.
(6) Section 10622(a) of this title, known as the “Tax Credits for Investment in New Construction and Rehabilitation Affordable Housing Act”.
(7) Subsections (a) and (b) of § 10602 of this title, known as the “Tax Credits for Investment in Housing Infrastructure Act.” However, it is hereby established that tax credits may be granted to projects started before March 9, 2009, during taxable years 2013-14, 2014-15, and 2015-16, up to five million dollars ($5,000,000) for each year.
(8) Section 30209 of this title.
(b) Exception.— The provisions of subsection (a) shall not apply to tax credit requests filed before June 30, 2013 with the Department of the Treasury or any other agency, public corporation, instrumentality, or entity of the Commonwealth of Puerto Rico granting such tax credits; provided that all the requirements set forth in the “Internal Revenue Code for a New Puerto Rico,” as amended, in any law applicable to such credits, and in any regulations, circular letter, or other general administrative determination or communication governing such requests are fully met, so that the Secretary of the Treasury, or such agency, public corporation, instrumentality, or entity of the Commonwealth of Puerto Rico granting said tax credits may be able to recognize such credits without requiring any additional document. Otherwise, the provisions of subsection (a) shall apply.
(c) Credits that have been granted, awarded or otherwise recognized under the exception provided in subsection (b) of this section may be sold or assigned and the purchaser or assignee shall be subject to the rules established in § 30210c of this title.
(d) The Secretary of the Treasury is hereby directed to:
(1) Establish a Register of Tax Credits which shall include all the information gathered in accordance with subsection (c) of § 30210a of this title, before December 1, 2013, and
(2) conduct a thorough analysis of any tax credit granting laws so as to evaluate the impact thereof on the revenues of the treasury and their effectiveness in generating economic activity, and submit to the Legislative Assembly a report on this matter with his/her recommendations.
History —Jan. 31, 2011, No. 1, added as § 1051.11 on June 30, 2013, No. 40, § 22.