P.R. Laws tit. 23, § 575c
(a) Fifty percent (50%) of the tax credit provided in § 575b of this title shall be available to the investor in the taxable year in which the accountant certifies to the Secretary that forty percent (40%) of the budget has been disbursed. However, the film entity may advance the date of availability of said portion of the tax credit if it posts a bond in which the Secretary of the Treasury is designated as beneficiary. In this case, said portion of the tax credit shall be available on the date said bond is posted.
(b) The remaining fifty percent (50%) of the credit shall be available in the taxable year in which the accountant certifies to the Secretary that the remaining sixty percent (60%) of the budget has been disbursed and that the project has been substantially concluded.
(c) If as of the date provided in subsection (b) of this section for credit availability, the film entity should determine that the total credit granted by the Commissioner is greater than the total credit to which it is entitled under § 575 of this title (actual credit) after budget disbursements have been made, the portion of credit available under subsection (b) of this section shall be reduced by the difference between the credit determined by the Commissioner and the actual credit.
(d) The certificate issued by an accountant on or before the deadline, including time extensions, to file the income tax return, shall be deemed as issued within the taxable year for which the income tax return is being filed. The same treatment shall be given upon posting of bond.
(e) When requested by the film entity in the license application, the Commissioner shall treat the different stages of the infrastructure project separately and authorize the granting of credits by stages as if each stage were an infrastructure project, should the nature, size and scope of said project justify such treatment.
History —Dec. 24, 1999, No. 362, § 17.