P.R. Laws tit. 13, § 30206
(a) Amount of the credit. — A tax credit shall be granted against the tax imposed by this part for donations made or generated as a result of the efforts of the Santa Catalina Palace Endowment. The amount of said credit shall be one hundred percent (100%) of the amount donated during the taxable year.
(b) This credit shall be in lieu of the deduction for donations granted under § 30135(a)(3) of this title. The amount of the credit that cannot be claimed in the taxable year in which the donation is made may be carried over to subsequent taxable years until used in its entirety.
(c) The tax credits to be granted shall not exceed two million five hundred thousand dollars ($2,500,000) in the aggregate for any taxable year.
(d) Verification. — All individuals, corporations, or partnerships that claim the tax credit set forth herein must attach a certification issued by the Palace of Santa Catalina Endowment to their income tax return as evidence that the donation was made and accepted.
History —Jan. 31, 2011, No. 1, § 1051.06, retroactive to Jan. 1, 2011; Dec. 20, 2012, No. 302, § 1.