2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 1 - Treasury Funds and Accounts (§§ 1 — 17) › § 12 - Dedicated Sales Tax Fund—Creation of the Special Fund

A special fund is hereby created, to be known as the Fondo de Interés Apremiante (hereinafter, “FIA”), whose name in English shall be “Dedicated Sales Tax Fund”, to be administered by the GDB. FIA and all the funds deposited therein on the effective date of this act and all the future funds that must be deposited in FIA pursuant to the provisions of §§ 11a-16 of this title are hereby transferred to, and shall be the property of COFINA. This transfer is made in exchange for, and in consideration of COFINA’s commitment to pay, or establish mechanisms to pay, all or part of the extraconstitutional debt outstanding as of June 30, 2006, and the accrued interest thereon, and for the other purposes established in subsection (b) of § 11a of this title, with the net proceeds of the bond issues or funds and resources available to COFINA.
FIA shall be funded each fiscal year from the following sources, the proceeds of which shall be directly deposited in FIA at the time of receipt and shall not be deposited in the Treasury of Puerto Rico, nor shall these constitute resources available to the Commonwealth of Puerto Rico, nor shall these be available for use by the Secretary of the Treasury of the Commonwealth of Puerto Rico (hereinafter, the “Secretary”):
(a) The first revenues of the sales and use tax (hereinafter, the “tax”) established in §§ 32021 and 32022 of this title, known as the “Internal Revenue Code for a New Puerto Rico”, (hereinafter, the “Code”) up to the following amount; Provided, That once the value-added tax provided in § 32211 of this title or the tax resulting from legislation recommended by the Commission created under Section 33 of Act No. 72-2015 takes effect, any reference made in §§ 11a-16 of this title to the sales and use tax, including the term defined as “tax”, shall be deemed to be substituted for the value-added tax provided in § 32211 of this title or the tax resulting from legislation recommended by the Commission created under Section 33 of Act No. 72-2015, which shall constitute a collateral or a tax similar or comparable to the sales and use tax in accordance with § 14(c) of this title:
(i) The proceeds of the amount of the tax collected during such fiscal year, multiplied by a fraction whose numerator shall be three point fifty percent (3.50%) and whose denominator shall be the rate of such tax, such fraction being hereinafter denominated “the three point fifty percent (3.50%) of the tax,” or
(ii) the applicable fixed income, whichever is greater.
(b) Any subsidy received by COFINA under the federal program known as “Build America Bonds”.
For purposes of subsection (a) of this section, there shall be no fixed income for Fiscal Year 2006-2007. The fixed income for each fiscal year, between Fiscal Year 2007-2008 and Fiscal Year 2012-2013, shall be equal to the sum of the original fixed income and the additional fixed income. The original fixed income for Fiscal Year 2013-2014 and every subsequent fiscal year shall be the sum of the original fixed income, the additional fixed income, and the supplementary fixed income. The original fixed income for Fiscal Year 2007-2008 shall be one hundred eighty-five million dollars ($185,000,000). The original fixed income for each subsequent fiscal year shall be equal to the original fixed income for the previous fiscal year plus four percent (4%), up to a maximum of one billion, eight hundred and fifty million dollars ($1,850,000,000). The additional fixed income for fiscal years 2006-2007, 2007-2008, and 2008-2009 shall be equal to zero (0) dollars. The additional fixed income for fiscal year 2009-2010 shall be equal to three hundred and fifty million, one hundred sixty-eight thousand dollars ($350,168,000). The additional fixed income for each subsequent fiscal year shall be equal to the additional fixed income for the previous fiscal year plus four percent (4%), up to the fiscal year in which the sum of original fixed income and the additional fixed income equals one billion, eight hundred and fifty million dollars ($1,850,000,000) (“peak year”). The additional fixed income for each fiscal year following the peak year shall be reduced to the amount necessary so that the sum of the original fixed income and the additional fixed income equals one billion, eight hundred and fifty million dollars ($1,850,000,000). The supplementary fixed income for Fiscal Year 2013-2014 shall be one hundred seventy-five million, five hundred sixty-three thousand fourteen dollars ($175,563,014). The supplementary fixed income for each subsequent fiscal year shall be equal to the supplementary fixed income for the previous fiscal year plus four percent (4%), up to the fiscal year in which the sum of original fixed income, the additional fixed income, and the supplementary fixed income equals two billion fifty-five million dollars ($2,055,000,000) (“peak supplementary year”). The supplementary fixed income for each fiscal year following the peak supplementary year shall be reduced to the amount necessary so that the sum of the original fixed income, the additional fixed income, and the supplementary fixed income equals two billion fifty-five million dollars ($2,055,000,000). The fixed income for any fiscal year shall be funded from the first revenues of the Commonwealth of Puerto Rico’s portion of the tax.
History —May 13, 2006, No. 91, § 2; Dec. 26, 2006, No. 291, § 1; renumbered as § 3 and amended on July 5, 2007, No. 56, § 2; Jan. 14, 2009, No. 1, § 2; Mar. 9, 2009, No. 7, § 50; May 22, 2009, No. 18, § 2; Oct. 10, 2013, No. 116, § 2; July 1, 2015, No. 101, § 2.