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) › § 30210a - Reissue of tax credit moratorium

(a) Granted or purchased credits.— Notwithstanding the provisions of this part and of any other special laws, any natural or juridical person that, before June 30, 2013, has purchased or has been granted any credit subject to moratorium listed in subsection (b) of this section may use the same against the income taxes imposed under this part for each one of the taxable years beginning after December 31, 2012 and before January 1, 2016 only up to the amount provided in § 30210c of this title. Provided, That during the moratorium period established herein, any person that has been granted a credit subject to the moratorium provided herein may sell or assign the same and the purchaser or assignee shall be subject to the rules established in § 30210c of this title. When such credits are purchased, attesting evidence of the date of acquisition of such credit shall be filed along with the income tax return corresponding to the taxable year in which the credit is claimed. Such evidence may consist of a copy of the sworn statement filed with the Department of the Treasury at the time of purchase of the corresponding credit.
(b) Credits subject to moratorium.— Credits subject to moratorium shall be those granted under the following provisions:
(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the “Act to Provide Tax Incentives for Investments in Solid Waste Reduction, Disposal and/or Treatment Facilities” and repealed subsection (b) of Section 21 of Act No. 70 of June 23, 1978, as amended, known as the “Puerto Rico Solid Waste Authority Act”.
(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, in the case of credits granted under paragraph (4) of subsection (a) of Section 1051.11 of this Subtitle, the rules established in subsection (a) of Section 1051.12 of this Code shall apply.
(5) Subsections (e) and (f) § 1095g and § 1095g-1 of Title 21, known as the “Urban Centers Revitalization Act”; however, in the case of credits granted under Subsection (a)(15)(A) of § 30210b of this title, the moratorium shall apply in the following manner:
(A) Credits granted during Fiscal Year 2013-14; only up to fifty percent (50%) of such credit may be claimed for taxable years beginning after December 31, 2013, and before January 1, 2015; likewise, up to fifty percent (50%) may be claimed in taxable years beginning after December 31, 2014, and before January 1, 2016; and any balance of the credit may be claimed in subsequent taxable years,
(B) credits granted during Fiscal Year 2014-15; only up to fifty percent (50%) of such credit may be claimed for taxable years beginning after December 31, 2014, and before January 1, 2016; likewise, up to fifty percent (50%) may be claimed in taxable years beginning after December 31, 2015, and before January 1, 2017; and any balance of the credit may be claimed in subsequent taxable years, and
(C) credits granted during Fiscal Year 2015-16; only up to fifty percent (50%) of such credit may be claimed for taxable years beginning after December 31, 2015, and before January 1, 2017; likewise, up to fifty percent (50%) may be claimed in taxable years beginning after December 31, 2016, and before January 1, 2018; and any balance of the credit may be claimed in subsequent taxable years.
(6) Section 10622(a) of this title, known as the “Tax Credits for Investment in New Construction and Rehabilitation of Affordable Housing Act”, except for credits granted over affordable housing projects or pending final approval for the sale or rental of facilities to elderly persons who meet the following requirements: (1) that they hold a qualification certificate and (2) they have number of credits reserved.
(7) Subsections (a) and (b) of § 10602 of this title, known as the “Tax Credits for Investment in Housing Infrastructure Act,” provided, that all pending credits for projects started before March 9, 2009, may be granted; however, no credit shall be granted under said Act after July 1, 2013.
(8) Section 30209 of this title.
(c) Any expiration date or period established to claim any of the credits listed in subsection (b) of this Section shall be deemed to be suspended during the moratorium period and shall resume after January 1, 2016.
(d) Information return.— In order to claim any of the credits listed in subsection (b) of this section for taxable years beginning on or after January 1, 2016, and any other credit granted under §§ 6001 et seq. of Title 23, §§ 6341 et seq. of this title, §§ 571 et seq. of Title 23, §§ 10104(b) and 10104a of this title, and §§ 23130, 30207, 30213 and 30214 of this title, in taxable years beginning on or after January 1, 2013, it shall be an essential requirement for the holder of the credit to file with the Secretary on or before July 31, 2013, an information return under penalty of perjury, in the form and manner prescribed by the Secretary, stating the amount of previously granted credits as of June 30, 2013. Credits subject to moratorium, as well as those that are not subject thereto and that are not included in such information return, may not be claimed unless the Secretary of the Treasury determines that there was a reasonable cause to exclude them from the information return. The Secretary of the Treasury shall make the necessary efforts through the communications media to comply with this section.
History —Jan. 31, 2011, No. 1, added as § 1051.10 on June 30, 2013, No. 40, § 21.