P.R. Laws tit. 7, § 3044
(a) Granting of combined tax credits. — The provisions of this chapter shall not be used together with other laws that provide incentives for private economic sectors through the granting of tax credits, if the combination of both laws is used to elude limitations that apply under any of said laws with respect to the business or project, or results in the granting of combined tax credits under both laws with respect to a business or project, that exceed the tax credits to which they would be entitled under any of them, individually. Therefore, the credits granted under other laws shall be reduced proportionally by the tax credits that the fund has available at the time of making the investment under these laws. However, nothing that is provided herein shall prevent that this chapter be used together with other laws that grant other tax benefits.
(b) Limitation with regard to restricted use capital. — The restricted use capital that the fund invests in an investment that qualifies as an eligible investment under §§ 6001 et seq. of Title 23, §§ 10401 et seq. of Title 13, §§ 1301 et seq. of Title 12, or any other act that grants tax credits shall be limited to a specific fraction of said capital for the purposes of the tax credits granted under the above mentioned laws. The numerator of this fraction shall consist of one hundred percent (100%) of the capital derived from the sale of private proprietary interests and the denominator shall be the total of the restricted use capital held by the fund at the time of making the investment. The fraction shall be multiplied by the amount of restricted use capital invested by the fund, which, in turn, qualifies as an eligible investment under the statutes mentioned in this subsection. The product of this multiplication represents the total restricted use capital that shall be taken into consideration in the granting of tax credits under the statutes mentioned in this subsection, taking into consideration the limitations imposed in subsection (a) of this section.
History —Jan. 28, 2000, No. 46, § 25.