P.R. Laws tit. 18, § 913j
A credit is hereby granted against the income tax levied by the Income Tax Act of 1954, as amended, or by Subtitle A of the Internal Revenue Code of 1994, for the amount of the donations made to the Educational Foundation. The amount of this credit shall not exceed two hundred and fifty dollars ($250) in the case of individual taxpayers and five hundred dollars ($500) in the case of corporations and partnerships.
The amount of the donations in excess of the credit granted in this section shall be allowed as a deduction for donations subject to the terms provided in Section 23(q) and (aa)(2)(N) of the Income Tax Act of 1954 as amended, and in Section 1023(o) and (aa)(2)(M) of the Puerto Rico Internal Revenue Code of 1994.
Every individual, corporation or partnership that claims this credit, shall include a certificate from the Educational Foundation with the income tax return, in evidence of the donation made. The Educational Foundation shall mail to the donor the certificate which shall be evidence of the donation made within the term of ten (10) working days. It is provided that it shall be the responsibility of the donor to personally obtain the certificate of any donation made ten (10) days prior to filing the income tax return.
History —July 19, 1995, No. 80, § 11, renumbered as § 14 on Mar. 14, 1996, No. 13, § 6; Dec. 30, 1998, No. 333, § 1.