In 2013 Puerto Rico passed the law House Bill 1073, “Law for the Redistribution and Tax Burden Adjustment.” This legislation was part of an effort by Puerto Rico to increase government revenues. The Act reestablished a moratorium of tax credits. This moratorium is for taxable years that began in 2013 and end before 2016. The rules of legislation do allow for certain circumstances where credits acquired before June 30, 2013 can be used, but there are limitations and actions were required to have been taken in 2013 to preserve eligibility.
There are more rules and this post contains simplifications and is not comprehensive. Additionally, as always, a professional should be consulted and be presented with specific information.
The information on this website is general information and is for educational use and has not been verified for accuracy nor completeness. You, the reader, should further research your specific individual situation. In addition you should contact your accounting professional for professional advice derived from specific details from your structure and financial position.
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