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Tax Credit Refunds for Puerto Rico Residents and Entities

This bill aims to extend the ability to receive elective payments for applicable tax credits to residents and entities in Puerto Rico. This means public entities, non-profit organizations, and electric cooperatives in Puerto Rico will be able to benefit from the same tax credits as those in the United States, potentially fostering their development and reducing costs. These changes apply to facilities and properties placed in service after the bill's enactment.
Key points
Puerto Rico residents and entities will gain access to refundable tax credits, previously limited.
Public entities, non-profit organizations, and electric cooperatives in Puerto Rico will be eligible for these credits.
Properties primarily used in Puerto Rico will qualify for credits, even if they don't meet all U.S. location requirements.
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Expired
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Additional Information
Print number: 118_HR_7903
Sponsor: Rescom. González-Colón, Jenniffer [R-PR-At Large]
Process start date: 2024-04-09
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

To amend the Internal Revenue Code of 1986 to allow elective payment of applicable credits to bona fide residents of and entities organized under the laws of Puerto Rico.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7903.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-04-09.

What are the main provisions?

Key points include:

  • Puerto Rico residents and entities will gain access to refundable tax credits, previously limited.
  • Public entities, non-profit organizations, and electric cooperatives in Puerto Rico will be eligible for these credits.
  • Properties primarily used in Puerto Rico will qualify for credits, even if they don't meet all U.S. location requirements.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rescom. González-Colón, Jenniffer [R-PR-At Large].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Taxes Economy Public Investments