2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 15 - Puerto Rico Industrial Incentives Generally (§§ 10001 — 10855) › PART III - Other Tax Incentives (§§ 10401 — 10855) › Chapter 951 - Tax Credits for Investment in Housing Infrastructure (§§ 10601 — 10612) › § 10605 - Application for credit; requirements; rights

(a) Application.— Every developer who is interested in obtaining a credit for special investment in housing infrastructure or a credit for investment in infrastructure of regional or municipal impact pursuant to this chapter, shall file an application with the Department of Housing, with a copy to the Department of the Treasury, together with the documents and information required by the regulations promulgated by the Secretary of Housing to such effect. These regulations shall be promulgated within one hundred and twenty (120) days following the approval of this act.
(b) Requirements; fees.— Among the information and documents that the Secretary of Housing shall require with the application for credit for extraordinary investment in infrastructure, are the following:
(1) A sworn statement that contains the following information in detail:
(A) Name, address and Social Security Number of the petitioner.
(B) Name and address of the legal representative of the petitioner.
(C) Name and Social Security Number of the shareholders, if the petitioner is a corporation, or of the partners, if it is a partnership.
(D) Legal provision under which the credit for investment in housing infrastructure is requested and an explanation as to why he/she qualifies.
(E) Location and description of the housing project and the infrastructure work to be built thereon.
(F) Description of the geographic area to be benefited by the infrastructure work and the capacity of this infrastructure.
(G) Estimate of the percent of the infrastructure that is reserved by the petitioner for the internal use of his/her existing or future housing project.
(H) Estimated date of the commencement and termination of the infrastructure work.
(I) Total cost of the infrastructure project.
(J) Total capacity of the infrastructure project.
(K) The extent of the total capacity that shall be used or that will benefit housing projects or urbanizations that do not belong to the petitioner.
(L) The extent of the capacity that shall be used or will benefit projects that are not for housing.
(M) The extent of the capacity that is foreseen will not be used for any purpose (to wit: excess capacity).
(N) The extent of the total capacity that shall be used, or that shall benefit the petitioner’s housing project.
(O) The proportion (stated as a fraction of the total cost) of the housing project that will be devoted to low-cost housing.
(P) The proportion (stated as a fraction of the total cost) of the housing project that will be devoted to middle class housing.
(Q) The proportion (stated as a fraction of the total cost) of the housing project that shall be devoted to other purposes (e.g. dwellings that do not qualify as low-cost or middle class dwellings, or commercial or tourist structures).
(2) The filing of the application for credit for extraordinary investment in infrastructure shall include a certified copy of the urbanization permit issued by the PRRPA, according to the stage it is in, which should itemize the costs of developing the housing project and of the related infrastructure, and copies of any other permit issued.
(3) The petitioner shall include with the application, a certified check or money order in the amount of five hundred dollars ($500.00) to the order of the Secretary of the Treasury to cover the handling and implementation expenses of the purposes of this chapter.
The Secretary of Housing, in coordination with the Secretary of the Treasury, may increase this amount from time to time, through regulations. This charge shall not be reimbursable.
(4) Negative certifications of indebtedness and certifications of the filing of tax returns of the entity, its stockholders or partners.
(5) Any other document or information that the petitioner deems is convenient to submit, or that the Secretary of Housing requires because it is needed to perform a complete and thorough examination of the application of the petitioner.
(c) Application period.— No applications shall be accepted and no incentive, credit, deduction, or any other benefit granted by virtue of § 10602 of this title shall be awarded for projects beginning after December 31 st, 2015.
History —Aug. 10, 2001, No. 98, § 7; Aug. 6, 2008, No. 171, § 5; Nov. 17, 2015, No. 187, § 67.