reglab/statecodes huggingface dataset:
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 1006 - Accounting Periods and Methods of Accounting (§§ 30171 — 30182) › § 30179 - Allocation of income and deductions

In any case of two or more organizations, trades, or businesses, whether or not incorporated, whether or not organized in Puerto Rico, and whether or not affiliated, owned or controlled directly or indirectly by the same interests, the Secretary is authorized to distribute, apportion, or allocate gross income and deductions, credits, or allowances between such organizations, trades, or businesses, if he/she determines that such distribution, apportionment, or allocation is necessary in order to prevent evasion of taxes or to clearly reflect the income of any of such organizations, trades, or businesses. The Secretary is also authorized to impute income by reason of interest, dividends, compensation or for any other concept or nature in transactions, trades or businesses when it is necessary to avoid tax evasion or to accurately reflect the income of any of such organizations, trades or businesses.
History —Jan. 31, 2011, No. 1, § 1040.09, retroactive to Jan. 1, 2011.
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 1006 - Accounting Periods and Methods of Accounting (§§ 30171 — 30182) › § 30180 - Change of accounting period

If a taxpayer changes his/her accounting period from fiscal year to calendar year, from calendar year to fiscal year, or from one fiscal year to another, the net income shall, with the approval of the Secretary, be computed on the basis of such new accounting period, subject to the provisions of § 30264 of this title.
History —Jan. 31, 2011, No. 1, § 1040.10, retroactive to Jan. 1, 2011.
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) › § 30202 - Credit for prior year minimum tax liability

(a) Allowance of credit. — There shall be allowed as a credit against the tax imposed by this part an amount equal to the minimum tax credit.
(b) Minimum tax credit. — For purposes of subsection (a), the minimum tax credit for any taxable year is the excess, if any, of:
(1) The net minimum tax imposed for all prior taxable years, over
(2) the amount allowable as a credit under subsection (a) for such prior taxable years.
(c) Limitation. — The credit allowable under subsection (a) for any taxable year shall not exceed the excess, if any, of:
(1) The regular tax liability of the taxpayer for the taxable year reduced by the credit for foreign taxes paid provided in § 30201 of this title, over
(2) the tentative minimum tax for the taxable year.
(d) Definitions. — For purposes of this section:
(1) Net minimum tax. — The term “net minimum tax” means the tax imposed by § 30073 of this title.
(2) Tentative minimum tax. — The term “tentative minimum tax” has the meaning given to such term by § 30073(b) of this title.
History —Jan. 31, 2011, No. 1, § 1051.02, retroactive to Jan. 1, 2011.
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) › § 30203 - Alternative minimum tax foreign tax credit

(a) Alternative minimum tax foreign tax credit. — For purposes of § 30073 of this title:
(1) In general. — The alternative minimum tax foreign tax credit for any taxable year shall be the credit which would be determined under § 30201 of this title for such taxable year if:
(A) The amount determined under § 30073(b) of this title were the tax against which such credit was taken for purposes of § 30201(b) of this title for the taxable year and all prior taxable years,
(B) § 30201(b) of this title were applied on the basis of alternative minimum net income instead of net income, and
(C) for the purpose of § 30201(b) of this title, any increase in the alternative minimum net income by reason of the application of § 30074(b) of this title, in respect to the adjustment on the net income according to the books, shall have the same proportional source and nature than the alternative minimum net income determined without regard to the referred increase.
(2) Ninety (90)-day limitation on the tax percentage. —
(A) In general. — The alternative minimum tax foreign tax credit for any taxable year shall not exceed the excess, if any, of:
(i) The amount determined under § 30073(b) of this title for the taxable year, over
(ii) the ten percent (10%) of the sum which shall be determined under § 30073(b) of this title without regard to the net loss deduction in operations for the alternative tax.
(B) Carryforward. — If the alternative minimum tax foreign tax credit exceeds the amount determined under paragraph (A), such excess may be carried forward for seven (7) taxable years, in a timely order, for the purpose of treating it as part of the alternative minimum foreign tax credit, in addition to any other alternative minimum tax foreign tax credit corresponding to any of such carryforward taxable years. In no case, the alternative minimum foreign tax credit shall exceed the amount determined under paragraph (A).
History —Jan. 31, 2011, No. 1, § 1051.03, retroactive to Jan. 1, 2011.
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) › § 30204 - Credit for investment in securities of qualified businesses

The credit against tax for investment and loss of investment in securities of qualified businesses shall be regulated by the corresponding provisions of law which are in force or any others that may be approved to that effect.
History —Jan. 31, 2011, No. 1, § 1051.04, retroactive to Jan. 1, 2011.
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) › § 30205 - Investment increase credit

(a) The tax imposed by this part on the dividends derived from industrial development income received by corporations organized under the laws of any state of the United States engaged in trade or business in Puerto Rico shall be credited by three percent (3%) of the investment made by the subsidiary before January 1, 1993, in the acquisition, construction and enlargement of buildings and other structures used in the manufacture in excess of the investment in such properties possessed by the subsidiary as of March 31, 1977. In such cases of corporations which have not enjoyed tax exemption under §§ 10641 et seq. of this title, known as the “Economic Incentives Act for the Development of Puerto Rico”, or any other preceding similar law, any other law that substitutes or supplements them, for two (2) taxable years, this credit shall be allowed to the parent corporation for the increase in investments made by the subsidiary after the termination of its second year of tax exemption. This credit may be carried forward to subsequent taxable years.
(b) The investments in real property made for the purpose of obtaining the waiver provided in § 10042(a)(6) of this title of the Puerto Rico Tax Incentives Act, as amended, may not be used for purposes of this section.
History —Jan. 31, 2011, No. 1, § 1051.05, retroactive to Jan. 1, 2011.
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) › § 30206 - Credit for donations to the Santa Catalina Palace Endowment (Patronato del Palacio de Santa Catalina)

(a) Amount of the credit. — A tax credit shall be granted against the tax imposed by this part for donations made or generated as a result of the efforts of the Santa Catalina Palace Endowment. The amount of said credit shall be one hundred percent (100%) of the amount donated during the taxable year.
(b) This credit shall be in lieu of the deduction for donations granted under § 30135(a)(3) of this title. The amount of the credit that cannot be claimed in the taxable year in which the donation is made may be carried over to subsequent taxable years until used in its entirety.
(c) The tax credits to be granted shall not exceed two million five hundred thousand dollars ($2,500,000) in the aggregate for any taxable year.
(d) Verification. — All individuals, corporations, or partnerships that claim the tax credit set forth herein must attach a certification issued by the Palace of Santa Catalina Endowment to their income tax return as evidence that the donation was made and accepted.
History —Jan. 31, 2011, No. 1, § 1051.06, retroactive to Jan. 1, 2011; Dec. 20, 2012, No. 302, § 1.
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) › § 30210 - Credit for donations to foundations of former governors

(a) Amount of the credit.— A tax credit shall be granted against the tax imposed by this part for donations made to foundations of former governors for operating expenses and such expenses relating to the purposes for which they were created and/or those donations made to the Depository for Archives and Memorabilia of Former Governors and Former First Ladies of Puerto Rico established in accordance with the provisions of §§ 1040-1040e of Title 3 alone or in conjunction with public or private higher education institutions in order to defray construction costs or operating expenses and any other action needed to faithfully comply with the purposes of §§ 1040-1040e of Title 3. The amount of said credit shall be one hundred percent (100%) of the amount donated during the taxable year.
(b) This credit shall be in lieu of the deduction for donations granted under § 30135(a)(3) of this title. The amount of the credit that cannot be claimed in the taxable year in which the donation is made may be carried over to subsequent taxable years until used in its entirety.
(c) The tax credits to be granted shall not exceed one million dollars ($1,000,000) in the aggregate for any taxable year.
(d) Verification.— All individuals, corporations, or partnerships that claim the tax credit set forth herein must attach a certification issued by the receiving entity to their income tax return as evidence that the donation was made and accepted.
History —Jan. 31, 2011, No. 1, added as § 1051.10 on Dec. 20, 2012, No. 302, § 2.
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) › § 30210c - Rules for the use of tax credits subject to moratorium under §§ 30210a and 30210b of this title (§ 30210c) › 1

(a) Any natural or juridical person that has purchased or has been assigned any of the credits subject to moratorium before June 30, 2013, or under subsection (b) of § 30210b of this title, may claim the same against the taxes imposed under this part during the moratorium period only up to the amount set forth in the provisions under which the credit was granted but shall never reduce the taxes imposed under this part by more than fifty percent (50%).
Notice This section has more than one version with varying effective dates. First of two versions of this section.
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) › § 30210c - Rules for the use of tax credits subject to moratorium under §§ 30210a and 30210b of this title (§ 30210c) › 2

(a) Any natural or juridical person that has purchased or has been assigned any of the credits subject to moratorium before June 30, 2013, or under subsection (b) of § 30210b of this title, may claim the same against the taxes imposed under this part or any special law during the moratorium period only up to the amount set forth in the provisions under which the credit was granted, but shall never reduce the taxes imposed under this part by more than fifty percent (50%).
Notice This section has more than one version with varying effective dates. Second of two versions of this section.
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 B - Refundable Credits (§§ 30211 — 30214) › § 30212 - Credit for low-income individuals older than sixty-five (65) years of age

(a) General rule.— Any Puerto Rico Resident individual who has attained, on the last day of the taxable year, the age of sixty five (65) or more and who has not been claimed as a dependent by another taxpayer, shall be entitled to a refundable personal compensatory credit of four hundred dollars ($400), but only if the gross income of such individual for the taxable year added to the items included in the gross income under § 30101(b) of this title for such year does not exceed fifteen thousand dollars ($15,000). In the case of married taxpayers, each one, shall be entitled to claim the credit provided in this subsection; provided, that the aggregate income of both taxpayers does not exceed thirty thousand dollars ($30,000).
(b) Compensatory credit for low-income pensioners.— In addition to the provisions of subsection (a), any individual who is pensioned by the Retirement System Administration of the Employees of the Government and the Judiciary, the Teacher’s Retirement System, the Retirement System of the University of Puerto Rico, the Electric Power Authority Retirement System, or private-sector retirement system, whose only source of income is the pension for services rendered, if the amount received from such pension does not exceed four thousand eight hundred dollars ($4,800) during the taxable year, shall be entitled to claim a three hundred dollar ($300) annual credit. In the case of married individuals, each spouse shall be entitled to claim the credit provided in this subsection if both qualify therefor.
History —Jan. 31, 2011, No. 1, § 1052.02, retroactive to Jan. 1, 2011; Dec. 10, 2011, No. 232, § 52.
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 C - Credit For Tax Withheld And Paid (§§ 30221 — 30230) › § 30221 - Credit for withholding at the source on payments made for services rendered

The tax withheld at the source in accordance with § 30273 of this title with respect to payments made for services rendered shall be allowed as a credit against the tax imposed by this part.
History —Jan. 31, 2011, No. 1, § 1053.01, retroactive to Jan. 1, 2011.
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 C - Credit For Tax Withheld And Paid (§§ 30221 — 30230) › § 30222 - Tax withheld at source

The amount of tax withheld at the source under § 30278 or § 30281, both of this title shall be allowed as a credit against the tax.
History —Jan. 31, 2011, No. 1, § 1053.02, retroactive to Jan. 1, 2011.
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 C - Credit For Tax Withheld And Paid (§§ 30221 — 30230) › § 30223 - Credit for overpayment

The credit against the tax for tax overpayments imposed by this part for other taxable years shall be governed by the provisions of § 33022 of this title.
History —Jan. 31, 2011, No. 1, § 1053.03, retroactive to Jan. 1, 2011.
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 C - Credit For Tax Withheld And Paid (§§ 30221 — 30230) › § 30224 - Credit for tax withheld on wages and interest

(a) In general.— The amount deducted and withheld as tax under § 30271 of this title during any calendar year on the wages of any individual shall be allowed as a credit to the recipient of the income against the tax imposed by this part for the taxable year beginning in such calendar year. If more than one taxable year begins within said calendar year, such amount shall be allowed as a credit against the tax for the taxable year beginning later.
(b) Credit for withholdings on interest.—
(1) When a recipient of interest opts to pay the ten percent (10%) tax or the seventeen percent (17%) tax, as applicable, provided in §§ 30084 or 30085 of this title, and then when he/she files his/her income tax return he/she decides to include and does include said interest as part of his/her net income subject to normal tax, the tax withheld pursuant to the provisions of § 30279 of this title shall be allowed as a credit against the tax that he/she should pay.
(2) In case the recipient of the interest opts not to include the same as part of his/her net taxable income subject to normal tax in his/her income tax return, he/she shall be allowed a credit for the tax withheld on the interest exempt under § 30101(a)(3)(K) of this title.
(c) Exception.— No credit shall be allowed under this section to the persons indicated in the following clauses (1), (2) and (3) of this subsection, when the amounts withheld by the corporation or partnership as income tax have not been paid to the Secretary:
(1) The directors of a corporation who were in office when the withheld taxes were not duly paid to the Treasury;
(2) any shareholder who holds more than fifty percent (50%) of the total combined voting power of all the classes of voting stock in a corporation, or
(3) a partner in any kind of partnership or joint venture.
(d) Ownership of stock.— For purposes of subsection (c)(2), the ownership of stock shall be determined pursuant to the rules prescribed in § 30045 of this title.
History —Jan. 31, 2011, No. 1, § 1053.04, retroactive to Jan. 1, 2011; Dec. 10, 2011, No. 232, § 55.
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 C - Credit For Tax Withheld And Paid (§§ 30221 — 30230) › § 30225 - Credit for taxes withheld on dividend distributions

In the case of a taxpayer that has elected under § 30086(i)(2) of this title, to include the dividend distribution in the return as part of his/her net taxable income subject to regular tax, the amount of tax withheld at source, pursuant to § 30086 of this title, with respect to said payments shall be allowed as a credit against the tax imposed by this part.
History —Jan. 31, 2011, No. 1, § 1053.05, retroactive to Jan. 1, 2011.
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 C - Credit For Tax Withheld And Paid (§§ 30221 — 30230) › § 30226 - Credit for taxes withheld on the distributive share in a partnership or limited liability company

(a) The amount of tax withheld at source under § 30277 of this title with respect to the distributive share in a partnership or limited liability company subject to the provisions of §§ 30321 et seq. of this title, shall be allowed as a credit against the tax imposed by this part to the partners of a partnership or members of a limited liability company.
History —Jan. 31, 2011, No. 1, § 1053.06, retroactive to Jan. 1, 2011; Dec. 10, 2011, No. 232, § 56.
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 C - Credit For Tax Withheld And Paid (§§ 30221 — 30230) › § 30227 - Credit for taxes withheld on distributive share in a special partnership

The amount of tax withheld at the source under §§ 30274, 30280, and 30281 of this title with respect to the distributive share in a special partnership shall be allowed as a credit against the tax imposed by this part to the partners of a partnership.
History —Jan. 31, 2011, No. 1, § 1053.07, retroactive to Jan. 1, 2011.
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 C - Credit For Tax Withheld And Paid (§§ 30221 — 30230) › § 30228 - Credit for withheld taxes on ascribed items in a corporation of individuals

The tax withheld at the source pursuant to § 30275 of this title with respect to the estimate of ascribed items in a corporation of individuals shall be allowed as a credit against the tax imposed by this part to the stockholders of a corporation of individuals.
History —Jan. 31, 2011, No. 1, § 1053.08, retroactive to Jan. 1, 2011.
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 C - Credit For Tax Withheld And Paid (§§ 30221 — 30230) › § 30229 - Credit for taxes withheld at source on indemnification payments received in judicial and extrajudicial proceedings

The amount of tax withheld at the source under § 30272 of this title with respect to indemnification payments received in judicial and extrajudicial proceedings shall be allowed as a credit against the tax imposed by this part.
History —Jan. 31, 2011, No. 1, § 1053.09, retroactive to Jan. 1, 2011.
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 C - Credit For Tax Withheld And Paid (§§ 30221 — 30230) › § 30230 - Credits for payment of estimated tax

The tax paid in accordance with § 30221 of this title (regarding the estimated tax payment by individuals) and § 30263 of this title (regarding the estimated tax paid by corporations) shall be allowed as a credit against the tax imposed by this part.
History —Jan. 31, 2011, No. 1, § 1053.10, retroactive to Jan. 1, 2011.
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 1008 - Tax Returns and Payment (§§ 30241 — 30303) › Subchapter A - Income Tax Returns (§§ 30241 — 30264) › § 30242 - Corporation returns

(a) Every corporation subject to taxation under this part shall file a return stating specifically the items of its gross income and the deductions and credits allowed by this part, and such other information, for the purpose of complying with the provisions of this part as the Secretary may by regulations prescribe. The return shall be sworn under penalty of perjury by the person or persons appointed president, vice-president, or other chief officer, and by the treasurer or assistant treasurer or other chief accounting officer. Notwithstanding the above, in those cases in which returns are filed electronically, the electronic signature of the above mentioned officers shall be accepted as evidence of authentication that the returns are filed under penalty of perjury. Such returns must enclose financial statements, subject to the provisions of § 30255 of this title. In cases where receivers, trustees in bankruptcy, or assignees are managing the property or business of corporations, such receivers, trustees, or assignees shall file returns for such corporations in the same manner and form as profitable corporations are required to file. Any tax due on the basis of such returns filed by receivers, trustees, or assignees shall be collected in the same manner as if from the corporations over whose business or property they have custody and control.
(b) Time and place to file the corporation returns. — Corporation returns shall be filed as provided in § 30256 of this title.
(c) The provisions of this subsection shall not apply to international insurers or to international insurer holding companies that comply with § 4304 of Title 26. However, international insurer holding companies that comply with § 4304 of Title 26, shall file the certification required by § 4304(6) of Title 26 with the Secretary of the Treasury.
History —Jan. 31, 2011, No. 1, § 1061.02, retroactive to Jan. 1, 2011.
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 1008 - Tax Returns and Payment (§§ 30241 — 30303) › Subchapter A - Income Tax Returns (§§ 30241 — 30264) › § 30245 - Nonprofit entity returns

(a) General rule. — Except as provided below, every tax-exempt organization under §§ 30471 et seq. of this title shall file an annual return which shall contain or be authenticated through a written statement attesting that the return is filed under penalty of perjury or through electronic signature in those cases in which returns are filed electronically, stating specifically the items of its gross income and the incomes and expenditures and any such other information necessary to comply with the provisions of this part, and shall keep such proofs, and file sworn financial statements, and file such returns, and comply with the rules and regulations the Secretary may from time to time prescribe.
(b) Exceptions. — It shall not be necessary to file a return described in subsection (a) in the case of any tax-exempt organization under § 30471 of this title that is:
(1) An exempt religious organization under § 30471(a) of this title; or
(2) an exempt organization under § 30471 of this title, if said organization is a corporation wholly owned by the Government of Puerto Rico or by any agency or instrumentality thereof, or by a subsidiary wholly owned by said corporation, or
(3) an exempt trust as provided in §§ 30391—30396 of this title.
(c) Time and place to file returns of nonprofit entities. — Nonprofit entity returns shall be filed as provided in § 30256 of this title.
History —Jan. 31, 2011, No. 1, § 1061.05, retroactive to Jan. 1, 2011.
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 1008 - Tax Returns and Payment (§§ 30241 — 30303) › Subchapter A - Income Tax Returns (§§ 30241 — 30264) › § 30248 - Registered investment company returns

(a) Any registered investment company that during its whole taxable year complies with the requirements and conditions established in § 30521 of this title and with any other law of the Government of Puerto Rico with respect to investment companies shall file an annual return stating specifically the items of its gross income, its money inflow and outflow, and any such other information necessary to comply with the provisions of this part, and shall keep records, file sworn financial statements, file such other returns, and comply with the rules and regulations the Secretary may from time to time prescribe. The return shall be filed under penalty of perjury by the person or persons appointed president, vice-president or other chief officer or treasurer, assistant treasurer or other chief accounting officer. Notwithstanding the above, in those cases in which returns are filed electronically, the electronic signature of the above mentioned officers shall be accepted as evidence of authentication. Such returns shall be filed as provided in § 30256 of this title.
History —Jan. 31, 2011, No. 1, § 1061.08, retroactive to Jan. 1, 2011.
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 1008 - Tax Returns and Payment (§§ 30241 — 30303) › Subchapter A - Income Tax Returns (§§ 30241 — 30264) › § 30250 - Employee and pension plan trust return

(a) Requirement to file. —
(1) Any trust exempt from taxation under §§ 30471(a)(4)(D) and 30391 of this title shall file an annual return under penalty of perjury, stating specifically the items of gross income, its money inflow and outflow, and any other information in the form and manner prescribed by the Secretary through regulations, circular letter, informative bulletin or general administrative determination.
(2) Notwithstanding the provisions of clause (1), in the case of an exempt trust under § 30391 of this title, if the plan to which such trust belongs is subject to the provisions of Title 1 of the Employee Retirement Income Security Act (hereinafter ERISA), the Secretary may require through regulations, circular letter, informative bulletin, or general administrative determination to such effect, that in lieu of filing the return required under clause (1), such trust file a true and accurate copy of the return required by federal law to report such pension plans.
(b) Filing due date. —
(1) General rule. — The returns required under this section that are filed on a calendar year basis shall be filed not later than the thirty-first (31st) of July following the close of the calendar year. The returns filed on a fiscal year basis shall be filed not later than the last day of the seventh (7th) month following the close of the taxable year of such plan.
(2) Automatic extension. — An extension shall be granted until the fifteenth (15th) day of the (3rd) month following the due date set for filing the return, provided that the taxpayer requests such extension not later than on such return filing date and subject to compliance with the rules and regulations prescribed by the Secretary for granting such extension.
History —Jan. 31, 2011, No. 1, § 1061.10, retroactive to Jan. 1, 2011.
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 1008 - Tax Returns and Payment (§§ 30241 — 30303) › Subchapter A - Income Tax Returns (§§ 30241 — 30264) › § 30251 - Employee-owned special corporations

(a) General rule. — Every special employee-owned corporation shall file a return for each taxable year, stating specifically the items of its gross income and the deductions allowable by this part, the names, address, and account numbers of regular, special or corporate members who shall participate in the gain or loss of the special corporation for such taxable year, and the amounts of net gains or losses. Such returns must enclose financial statements prepared in accordance with generally accepted accounting principles, which shall be audited by a certified public accountant licensed to practice in Puerto Rico, pursuant to the provisions of § 30255 of this title. The Secretary may prescribe by regulations any such other information that must be included in such return.
(b) Report to members. — Each special employee-owned corporation required to file a return under subsection (a) for any taxable year shall, not later than the last day of the third (3rd) month following the close of its taxable year, furnish to each person who is a regular, special or corporate member of such special corporation a report containing such information as required to be included in such member’s income tax return, including the amount of the distributive share of the member in each of the items prescribed in § 30534 of this title, notices of credit for productivity, patronage or capital, as applicable, and any other additional information required by regulations.
(c) Extension. — The Secretary may, under such rules and regulations as he/she prescribes, grant special employee-owned corporations an extension to file the information required under subsection (b) for a period which shall not exceed thirty (30) days counted as of the expiration of the period established in such subsection (b) to submit the report to members.
History —Jan. 31, 2011, No. 1, § 1061.11, retroactive to Jan. 1, 2011.
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 1008 - Tax Returns and Payment (§§ 30241 — 30303) › Subchapter A - Income Tax Returns (§§ 30241 — 30264) › § 30252 - Insurance company returns

(a) Any insurance company subject to taxation under this part shall file a return not later than the fifteenth (15th) day of the fourth (4th) month following the close of its taxable year stating specifically the items of its gross income, the deductions and the credits allowed under this part and any other information necessary to comply with the provisions of this part as prescribed through regulations by the Secretary. The return shall be sworn by the person or persons appointed as president, vice-president or other chief officer, or by the treasurer or assistant treasurer. Notwithstanding the above, in such cases in which the returns are filed through electronic means, the digital signature of the aforementioned officers shall be accepted as evidence of authentication.
(b) The provisions of this section shall not apply to an international insurer or to an international insurer holding company that complies with § 4304 of Title 26. However, any international insurer holding company that complies with the provisions of § 4304 of Title 26 shall file with the Secretary of the Treasury the certification required by § 4304(6) of Title 26.
History —Jan. 31, 2011, No. 1, § 1061.12, retroactive to Jan. 1, 2011; Dec. 10, 2011, No. 232, § 59.
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 1008 - Tax Returns and Payment (§§ 30241 — 30303) › Subchapter A - Income Tax Returns (§§ 30241 — 30264) › § 30253 - Fiduciary returns

(a) Requirement to file return. — Any fiduciary, except for trustees appointed by law who only hold part of the assets of an individual, shall file a sworn return on behalf of any of the following individuals, estates or trusts on whose behalf he/she is acting. Such return shall specifically state the items of gross income thereof and the deductions and credits allowed under this part and any other information prescribed by the Secretary through regulations for the purpose of complying with the provisions of this part:
(1) Any individual whose gross income for a taxable year is over five thousand dollars ($5,000) if he/she is a single taxpayer or a married taxpayer filing a joint return, or whose gross income is over two thousand five hundred dollars ($2,500) if he/she is a married individual and files a separate return;
(2) any estate whose gross income for a taxable year is one thousand three hundred dollars ($1,300) or over;
(3) any trust whose net income for a taxable year is one hundred dollars ($100) or over, or whose gross income for a taxable year is one thousand three hundred dollars ($1,300) or over without taking into account the amount of net income, and
(4) any estate or trust whose beneficiaries were nonresident individuals.
(b) Joint fiduciaries. — Under such regulations as the Secretary may prescribe, a return filed by one of two or more joint fiduciaries shall constitute sufficient compliance with the above requirement. Such fiduciary shall swear:
(1) That he/she has sufficient knowledge of the affairs of the individual, the estate or the trust on behalf of which he/she is filing a return, which knowledge enables him/her to file, and
(2) that the return to the best of his/her knowledge and understanding is true and accurate.
(c) Law applicable to fiduciaries. — Any fiduciary required by this part to file a return shall be subject to all of the provisions of this part that apply to individuals.
(d) Responsibility of the fiduciaries. — Any executor, receiver, proxy or assignee, or any other person who knowingly pays any amount due by the person or the estate on behalf of which he/she acts, except for the taxes that shall be prioritized by law, before payment to the Government of Puerto Rico of the tax imposed by this part is made, due by such person or estate, shall pay personally and with his/her assets the tax due imposed by this part or such part thereof that appears payable and unpaid.
History —Jan. 31, 2011, No. 1, § 1061.13, retroactive to Jan. 1, 2011.
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 1008 - Tax Returns and Payment (§§ 30241 — 30303) › Subchapter A - Income Tax Returns (§§ 30241 — 30264) › § 30254 - Real estate investment trust returns

A real estate investment trust subject to taxation under the provisions of § 30401 of this title shall file an annual return stating specifically the items of its gross income, the money inflow and outflow, and any other information necessary to comply with the provisions of this part, and shall keep evidence, file sworn financial statements, file returns, and comply with the rules and regulations as the Secretary may from time to time prescribe. The return shall be sworn by the fiduciary. Notwithstanding the above, in those cases in which returns are filed electronically, the electronic signature of the above mentioned officers shall be accepted as evidence of authentication.
History —Jan. 31, 2011, No. 1, § 1061.14, retroactive to Jan. 1, 2011.
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 1008 - Tax Returns and Payment (§§ 30241 — 30303) › Subchapter A - Income Tax Returns (§§ 30241 — 30264) › § 30256 - Date and place to file returns

(a) Filing date.—
(1) General rule.— Except as otherwise provided in this part, the returns filed on a calendar year basis shall be filed on or before April 15 following the close of the calendar year. The returns filed on a fiscal year basis shall be filed on or before the fifteenth (15th) day of the fourth (4th) month following the close of the fiscal year.
(2) Automatic extension.—
(A) In general.— Except as otherwise provided in this part, an automatic extension shall be granted to individuals, corporations and estates for filing returns, provided that they comply with such rules and regulations that the Secretary prescribes to grant such extension. This automatic extension shall be granted for a three (3)-month period counted as of the date prescribed for filing the returns; provided, that the taxpayer requests such extension not later than on the return filing date prescribed in this part.
(B) Taxpayers who are partners in partnerships subject to taxation under the United States Internal Revenue Code of 1986, Title 26 of the United States Code, as amended.— In the case of a taxpayer who is a partner in a partnership subject to taxation under the United States Internal Revenue Code of 1986, Title 26 of the United States Code, as amended, the automatic extension established in paragraph (A) of this clause shall be for a six-month period counted as of the date prescribed for filing the returns. The Secretary shall prescribe, by regulations to such purposes, the conditions under which the extension shall be granted.
(3) Additional extension.— In the case of individuals who are outside of Puerto Rico, the Secretary may, under such rules and regulations as he/she prescribes, grant an extension in addition to the automatic extension to file the returns. Such additional extension shall not exceed three (3) months. This additional extension shall not be available to individuals who have requested the automatic extension under clause (2)(B) of this subsection.
(4) Extension for military service in an armed conflict.-See § 33346 of this title.
(b) With whom to file the return.— Any return required under this part shall be filed with the Secretary.
(c) Whenever the return filing due date, including any extension, falls on a Saturday, Sunday or legal holiday, the due date to file such return shall be the next business day.
History —Jan. 31, 2011, No. 1, § 1061.16, retroactive to Jan. 1, 2011; Dec. 10, 2011, No. 232, § 61.
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 1008 - Tax Returns and Payment (§§ 30241 — 30303) › Subchapter A - Income Tax Returns (§§ 30241 — 30264) › § 30257 - Payment of tax

(a) Date of payment.— Except as otherwise provided in this part, the total amount of the tax imposed in this part shall be paid on April fifteen (15th) following the close of the calendar year or, if the return should have been filed on a fiscal year basis, then on the fifteenth (15th) day of the fourth (4th) month following the close of the fiscal year.
(b) Installment payment.— Except in the case of individuals who have been required to make estimated tax payments under § 30260 of this title, and except in the case of corporation taxes, the taxpayer may opt to pay the unpaid tax amount in two (2) equal installments, in which case the first installment shall be paid on the date set for the payment of tax by the taxpayer; and the second installment shall be paid on the fifteenth (15th) day of the sixth (6th) month following such date. If any installment is not paid on or before the date set for its payment, the total unpaid tax amount shall be paid upon notice and demand from the Secretary. The phrase “unpaid tax amount”, as used in this subsection, shall mean the tax determined in the return, minus the credits provided in the Code or special laws.
(c) Payment extension.—
(1) In general.— By request from the taxpayer, the Secretary may extend the term to pay the determined tax amount by the taxpayer, or any installment thereof, for a term which shall not exceed six (6) months from the date established for the payment of the tax or any installment thereof. In such case, the amount with respect to which the extension was granted shall be paid on or before the due date of the extension period. A six (6)-month payment extension shall be granted to any taxpayer who during an armed conflict is activated and transferred to render military service outside of Puerto Rico. Such extension shall be granted as of the date on which the taxpayer ceases active military service.
(2) Extension for military service in an armed conflict.-See § 33346 of this title.
(d) Voluntary advance payment.— A tax imposed by this part or any installment thereof may be paid prior to the date set for its payment at the option of the taxpayer.
(e) Advance payment of taxes in jeopardy.— Advance payment of taxes in jeopardy shall be governed by § 30282 of this title.
(f) Receipts.— By request, the Secretary shall provide to the person who made any income tax payment, a formal written or printed receipt for the amount paid.
(g) Payment of the tax to which this section refers may be made electronically.
History —Jan. 31, 2011, No. 1, § 1061.17, retroactive to Jan. 1, 2011; Dec. 10, 2011, No. 232, § 62.
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 1008 - Tax Returns and Payment (§§ 30241 — 30303) › Subchapter A - Income Tax Returns (§§ 30241 — 30264) › § 30258 - Return examination and tax determination

The Secretary shall examine and determine the correct amount of tax as soon as possible.
History —Jan. 31, 2011, No. 1, § 1061.18, retroactive to Jan. 1, 2011.
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 1008 - Tax Returns and Payment (§§ 30241 — 30303) › Subchapter A - Income Tax Returns (§§ 30241 — 30264) › § 30259 - Computation on returns and other documents

(a) Items stated in returns. — The Secretary is authorized to disregard, with respect to any amount required to be shown on a return and other related documents or schedules, any fractional part of a dollar when such amount consists of dollars and cents.
(b) Applicability to computation and payment of the tax. — The provisions of subsection (a) shall apply to items which must be taken into account in making the computations necessary to determine the amounts required to be stated on the return and on the documents or schedules, as well as to the final resulting amounts and to the payment of the determined tax.
History —Jan. 31, 2011, No. 1, § 1061.19, retroactive to Jan. 1, 2011.
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 1008 - Tax Returns and Payment (§§ 30241 — 30303) › Subchapter A - Income Tax Returns (§§ 30241 — 30264) › § 30262 - Special rules for the application of §§ 30260 and 30261 of this title

(a) Farmers. — In the case of an individual whose estimated gross income from farming for the taxable year is at least two- thirds of the total estimated gross income from all sources for the taxable year, in lieu of the date prescribed in § 30261(a) of this title the due date to pay the estimated tax for the taxable year shall be January fifteen (15) of the following taxable year; and if such an individual files a return on or before January 31 of the following taxable year, and pays in full the amount computed on the return as payable, the estimated tax shall be deemed as paid on or before January fifteen (15).
(b) Application to taxable years of less than twelve months. — Sections 30260 and 30261 of this title and subsection (a) of this section, shall apply to taxable years of less than twelve (12) months as prescribed by the Secretary through regulations.
(c) Fiscal years. — In the application of §§ 30260 and 30261 of this title and subsection (a) of this section, as to a taxable year starting on any date other than January 1, the months specified therein shall be substituted by the months which correspond thereto.
History —Jan. 31, 2011, No. 1, § 1061.22, retroactive to Jan. 1, 2011; Sept. 19, 2014, No. 159, § 3.