P.R. Laws tit. 13, § 10627
2019-02-20 00:00:00+00
If the authority grants an owner a larger amount of credit than what could be allowed according to the eligible investment, for the new construction or substantial rehabilitation of housing units for rental to low or moderate income families, said excess shall be owed by the owner as taxable income. The Executive Director shall notify the Department of the Treasury of the excess credit as soon as he is cognizant of the error.
History —Oct. 4, 2001, No. 140, § 8.