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) › § 30208 - Tax credit moratorium

(a) Notwithstanding the provisions of this part and of subsection (b) of this section, for each taxable year starting after December 31, 2008, and before January 1, 2012, no credit may be claimed against the taxes imposed by this part on account of credits subject to moratorium prescribed in subsection (b) of this section generated or granted prior to March 9, 2009. This moratorium shall not apply to any natural or juridical person to whom such credits were awarded or granted or to credits granted or awarded pursuant to final agreements with the Secretary of the Treasury made before to March 4, 2009. In the case of credit purchase, per request of the Secretary, attesting evidence of the date of purchase of such credits may be presented. In the case of such credits that have been granted, awarded or otherwise recognized under the exception provided in subsection (b) of Section 30 of Act No. 7 of March 9, 2009, as amended, the moratorium provided in this Section shall be for each of the taxable years starting after December 31, 2009 and before January 1, 2012.
(b) Credits subject to moratorium.—
(1) Subsection (b) of § 1318(a) of Title 12, known as the “Puerto Rico Solid Waste Authority”.
(2) Section 3033(a) if Title 7, known as the “Puerto Rico Investment Capital Fund Act of 1999”.
(3) Subsection (a) of § 591h of Title 23, known as the Act to create a Theater District whose parameters shall cover from Calle Bolívar to Calle Ernesto Cerra in Santurce;
(4) Subsection (a) of Section 17 of Act No. 183 of December 27, 2001, as amended, known as the “Puerto Rico Conservation Easement Act”.
(5) Subsections (e) and (f) of § 1095(g) and § 1095h of Title 21, known as the “Urban Centers Revitalization Act”, except in the case of those credits grated under subparagraph (A) of paragraph (6) of subsection (a) of Section 30 of Act No. 7 of March 9, 2009, as amended, the moratorium shall apply as follows:
(A) Credits granted during fiscal year 2009-2010; it may only be claimed up to fifty percent (50%) of such credit in fiscal years starting after December 31, 2009, and before January 1, 2011; likewise, it may be claimed up to fifty percent (50%) in taxable years starting after December 31, 2010, and before January 1, 2012; and any remainder, in subsequent taxable years.
(B) Credits granted during fiscal year 2010-2011; it may only be claimed up to fifty percent (50%) of such credit in fiscal years starting after December 31, 2010, and before January 1, 2012; likewise, it may be claimed up to fifty percent (50%) in taxable years starting after December 31, 2011, and before January 1, 2013; and any remainder, 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”, except such credits granted or pending final approval on sale or rental affordable housing projects or facilities for the elderly that meet the following requirements: (1) that have a qualification certificate and (2) that have a number of reserved credits.
(7) Subsections (a) and (b) of § 10602 of this title, known as the “Tax Credits for Special Investments in Housing Infrastructure Act”.
(c) Any expiration term or period established to claim any of the credits prescribed in subsection (b) of this section shall be deemed to be suspended during the period of moratorium and shall start to elapse again on January 1, 2012.
(d) Information return.— It shall be an unavoidable requirement to be entitled to claim any of the credits prescribed in subsection (b) of this section in taxable years starting on or after January 1, 2012, and any credit granted by §§ 6001 et seq. of Title 23, §§ 571 et seq. of Title 23, §§ 10104(b) and 10104(a) of this title, §§ 10645 and 10646 of this title and under §§ 32130, 30207, 30213 and 30214 of this title, in taxable years starting on or after January 1, 2009, that the holder of such credit files with the Secretary on or before August 31, 2009, an information return, under penalty of perjury, in the manner and containing such details as the Secretary prescribes, indicating the amount of credits previously granted as of June 30, 2009. The credits shall be subject to a moratorium and, and such other credits that are not subject to moratorium and are not declared in such information return may not be claimed except that the Secretary of the Treasury determines that there was a reasonable cause for the exclusion of such credits from the information return. The Secretary of the Treasury shall make all the necessary efforts through the media to enforce this section.
History —Jan. 31, 2011, No. 1, § 1051.08, retroactive to Jan. 1, 2011; Dec. 10, 2011, No. 232, § 50; Sept. 19, 2014, No. 159, § 2.