P.R. Laws tit. 13, § 10628
(a) Credit limit per year. — Every taxable year, the Secretary of the Treasury shall allocate fifteen million (15,000,00[0]) dollars as the maximum amount of credit available to be distributed pursuant to this chapter; Provided, That the Secretary of the Treasury shall authorize for a particular taxable year and by petition of the Executive Director, an increase in the amount herein provided when the interest of the People of Puerto Rico so justify it. This authorization shall be obtained through legislation to be introduced to such effects.
(b) Residual of credits. — If the Authority does not grant credits in any fiscal year for the total amount allowed, it may use or pass on the residual of the credits to a following fiscal year, to a maximum of the fifty (50%) percent not granted in the previous fiscal year.
(c) Increase or reduction of the owner’s credit. — In those cases in which the owner invests more than the amount previously calculated as an eligible investment and the housing project qualifies for a larger amount of credit, the Executive Director, at his/her full discretion, may grant the same, provided that the amount of additional credit granted shall be reduced from the amount of credit available in the year it is granted. The owner shall submit all the documents, evidence and information that the Executive Director deems are necessary to be able to evaluate and certify the increase in the amount of the eligible investment, and the increase in credits.
History —Oct. 4, 2001, No. 140, § 9; Aug. 13, 2008, No. 261, § 6.