FAFAA issues rules for use of certain income

On March 22, 2017, the Disbursement Authorization and Tax Concession Committee (the “Committee”) issued Resolution 2017-01 (the “Resolution”) establishing that a Granted Credit (as defined below) may be sold by its Holder (as defined below) or claimed against the income tax of the Holder for the 2016 Tax Year without additional restrictions than those imposed by the Puerto Rico Internal Revenue Code of 2011, as amended (the “Code”), or the special laws applicable to the Granted Credit. Only the tax credits specifically listed in the Resolution would be covered by the Resolution. You can view the article by clicking on the following link:

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