P.R. Laws tit. 13, § 30224
(a) In general.— The amount deducted and withheld as tax under § 30271 of this title during any calendar year on the wages of any individual shall be allowed as a credit to the recipient of the income against the tax imposed by this part for the taxable year beginning in such calendar year. If more than one taxable year begins within said calendar year, such amount shall be allowed as a credit against the tax for the taxable year beginning later.
(b) Credit for withholdings on interest.—
(1) When a recipient of interest opts to pay the ten percent (10%) tax or the seventeen percent (17%) tax, as applicable, provided in §§ 30084 or 30085 of this title, and then when he/she files his/her income tax return he/she decides to include and does include said interest as part of his/her net income subject to normal tax, the tax withheld pursuant to the provisions of § 30279 of this title shall be allowed as a credit against the tax that he/she should pay.
(2) In case the recipient of the interest opts not to include the same as part of his/her net taxable income subject to normal tax in his/her income tax return, he/she shall be allowed a credit for the tax withheld on the interest exempt under § 30101(a)(3)(K) of this title.
(c) Exception.— No credit shall be allowed under this section to the persons indicated in the following clauses (1), (2) and (3) of this subsection, when the amounts withheld by the corporation or partnership as income tax have not been paid to the Secretary:
(1) The directors of a corporation who were in office when the withheld taxes were not duly paid to the Treasury;
(2) any shareholder who holds more than fifty percent (50%) of the total combined voting power of all the classes of voting stock in a corporation, or
(3) a partner in any kind of partnership or joint venture.
(d) Ownership of stock.— For purposes of subsection (c)(2), the ownership of stock shall be determined pursuant to the rules prescribed in § 30045 of this title.
History —Jan. 31, 2011, No. 1, § 1053.04, retroactive to Jan. 1, 2011; Dec. 10, 2011, No. 232, § 55.