P.R. Laws tit. 13, § 10626
(a) Allocation, sale or transfer of credit. — The credit provided under this chapter may be wholly or partially allocated, sold or otherwise transferred by the owner to an acquirer only once. For the purposes of this subsection, the change of control of the owner shall not constitute a transfer of the credit provided under this chapter.
(b) Notice; approval. — An owner who has allocated, or transferred all or part of his/her credit, as well as the acquirer of the credit, shall notify the Executive Director with a copy to the Secretary of the Treasury, of the allocation, sale, or transfer of credit through a sworn statement to such effects, supported by the documents that attest to the allocation, sale or transfer. The sworn statement shall have the information that the Executive Director shall provide through the regulation promulgated to such effects. The Executive Director, once he/she verifies the validity of the allocation, sale or transfer of the credit, shall issue a certification of allocation, sale or transfer, as the case may be, which shall be included with the income tax returns of the owner and the acquirer of the credit for the year in which the allocation, sale or transfer of the credit is made. The Executive Director shall notify the Secretary of the Treasury of the certification of the allocation, sale or transfer of the credit.
(c) Tax exemption. — The money or the worth of the real property received in exchange for the credit allocated or transferred shall be exempted from taxation under the Puerto Rico Internal Revenue Code of 1994, up to a sum equal to the amount of the credit allocated, sold or transferred. The value of any real property received by the owner in exchange for the credit shall be determined in the manner that the Executive Director, together with the Secretary of the Treasury shall establish, which shall include an appraisal made by a duly licensed appraiser.
(d) Validity of credit in case of revocation. — In the event that the credit is revoked as provided in this chapter, if it had been allocated, sold or transferred to an acquirer pursuant to the provisions of this section, its validity shall not be affected. In said cases, the owner, not the acquirer, shall be responsible for the reimbursement of the credit as provided in § 10632 of this title.
History —Oct. 4, 2001, No. 140, § 7; Aug. 13, 2008, No. 261, § 5.