Wednesday, November 21, 2018

In session’s last day, bill passed to make tax credits public

By on November 9, 2018

SAN JUAN – During the last day of the session, among the measures the Puerto Rico House of Representatives passed was the bill to create the Credit Transactions and Tax Incentives Transparency Law, with the objective of guaranteeing that granted credit and tax incentives decrees are published in both the Economic Development and Treasury departments’ websites.

Authored by Senate President Thomas Rivera Schatz, the lower chamber also concurred with Senate Bill 24, which adds two articles to the Political Campaign Financing Control Law of Puerto Rico to establish parameters for the evaluation of the debts incurred by political committees, among other provisions.

The House also validated Senate Bill 1147, which creates the Economic Development Opportunity Zones Act of Puerto Rico of 2018, and adds a new section to the 2011 Internal Revenue Code of Puerto Rico; amends several articles of the Act to Promote the Relocation of Individual Investors to Puerto Rico and the “Private Capital Funds Act to “promote incentives and a favorable regulatory environment to establish qualified opportunities in the Island,” a release reads.

The body also endorsed S.B. 1138, which renumbers several articles in the law that prohibits the Puerto Rico Electric Power Authority (Prepa) from billing or charging customers for consumption reflected in the utility’s meters but not generated by Prepa.

Also S.B. 869 477, which orders the concession of the Toro Negro I hydroelectric plant and its lands to the Consorcio Energético de la Montaña group of municipalities.

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