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Tax Credits Allowed For Renewables, Energy Storage And Film Industry Investments

Vidal, Nieves & Bauzá LLC

Jan 17

Tax Credits Allowed For Renewables, Energy Storage And Film Industry Investments

Vol. 39 - January 2023 | ©2023 by Vidal, Nieves & Bauzá, LLC. All rights reserved. On January 10th, 2023, Puerto Rico’s governor signed Act 5 of 2023. This new law amends Puerto Rico ́s Incentives Code and intends to promote the growth and development of green energy and renewable energy resources on the island by expanding the eligible activities related to such. Specifically, to include energy storage as an eligible activity. The new law defines “energy storage” as an inter

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Orlando Health enters the Puerto Rico Healthcare Market through its acquisition of Sabanera Health.

Vidal, Nieves & Bauzá LLC

Oct 21, 2022

Orlando Health enters the Puerto Rico Healthcare Market through its acquisition of Sabanera Health.

Orlando Health enters the Puerto Rico Healthcare Market through its acquisition of the Sabanera Health Dorado Hospital from the PRISA Group and Triple-S Management. Vol. 38 - October 2022 | ©2022 by Vidal, Nieves & Bauzá, LLC. All rights reserved. Orlando Health, a world-recognized not-for-profit healthcare system headquartered in Orlando, Florida, recently announced that it was entering the Puerto Rico healthcare market and bringing its deep expertise in the delivery of qual

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Environmental, Social and Governance (ESG) Principles and the Insurance Industry.

Vidal, Nieves & Bauzá LLC

Sep 20, 2022

Environmental, Social and Governance (ESG) Principles and the Insurance Industry.

Environmental, Social and Governance (ESG) Principles and the Insurance Industry: European Union (EU) Insurers Must Now Consider and Comply with Additional Sustainability Risk Requirements. Vol. 37 - September 2022 | ©2022 by Vidal, Nieves & Bauzá, LLC. All rights reserved. Recently, on August 2, 2022, the European Commission’s (EC) regulations requiring that European insurers and reinsurers incorporate sustainability risks as part of their governance polices took effect. The

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Puerto Rico Supreme Court finds hospital liable for damages.

Vidal, Nieves & Bauzá LLC

Sep 12, 2022

Puerto Rico Supreme Court finds hospital liable for damages.

Puerto Rico Supreme Court finds hospital liable for damages due to its failure to oversee its admitting staff physician and for not adopting clinical protocols and guidelines for certain hospital medical procedures. Vol. 36 - September 2022 | ©2022 by Vidal, Nieves & Bauzá, LLC. All rights reserved. In a recent opinion decided on September 2, 2022, the Supreme Court of Puerto Rico expanded on prior precedents holding that hospitals in Puerto Rico may be found liable for a bre

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Puerto Rico is Included in the Alternative Fuel Corridor Designations

Vidal, Nieves & Bauzá LLC

Sep 12, 2022

Puerto Rico is Included in the Alternative Fuel Corridor Designations

Vol. 35 - September 2022 | ©2022 by Vidal, Nieves & Bauzá, LLC. All rights reserved. Governor Pierluisi announced that the U.S. Department of Transportation’s Federal Highway Administration included Puerto Rico in its “Alternative Fuel Corridor” designations, as part of the Infrastructure Investment and Jobs Act signed by President Biden. Specifically, Puerto Rico’s main highways PR-2, PR-22 and PR-52 have been designated as “Alternative Fuel Corridors”. This designation will

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Increased Sales of EV's & the Development of Puerto Rico's EV Charging Infrastructure

Vidal, Nieves & Bauzá LLC

Aug 1, 2022

Increased Sales of EV's & the Development of Puerto Rico's EV Charging Infrastructure

Vol. 34 - August 2022 | ©2022 by Vidal, Nieves & Bauzá, LLC. All rights reserved. Electric vehicle or EV sales in the US Mainland and in Puerto Rico have continuously increased year after year, creating the need to install more EV charging stations across the Island. The increased sales of EVs, is driving the urgent need for EV charging infrastructure, albeit lacking a clearly defined legal platform for required permit, property and use rights limitations in condominiums, amo

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PREPA issues RFP for Renewable Energy Generation and Storage Resources

Vidal, Nieves & Bauzá LLC

Feb 25, 2021

PREPA issues RFP for Renewable Energy Generation and Storage Resources

Vol. 33 - February 2021 | ©2021 by Vidal, Nieves & Bauzá, LLC. All rights reserved. On February 23, 2021, the Puerto Rico Electric Power Authority ("PREPA") issued a Request for Proposals for Renewable Energy Generation and Energy Storage Resources ("RFP"). PREPA is currently one of the United States' largest public utilities by customers served, providing electricity to 1.5 million customers. The purpose of the RFP is to solicit proposals for (i) the design, construction, in

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COVID-19 and Certain Bona Fide Residents of Puerto Rico

Vidal, Nieves & Bauzá LLC

Aug 8, 2020

COVID-19 and Certain Bona Fide Residents of Puerto Rico

Vol. 32 - August 2020 | ©2020 by Vidal, Nieves & Bauzá, LLC. All rights reserved. In volume No. 24 of our March 31, 2020 News and Alerts, we examined the potential effect of travel and mobility restrictions associated with the COVID-19 pandemic, on the Puerto Rico bona fide resident status of certain individuals. Shortly after the publication of our News and Alert, the President of the United States issued a notice of federal declaration of a major disaster for the Commonweal

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Tax Credits for Employers Due to the COVID-19 CRISIS

Vidal, Nieves & Bauzá LLC

Jun 30, 2020

Tax Credits for Employers Due to the COVID-19 CRISIS

Vol. 31 - June 2020 | ©2020 by Vidal, Nieves & Bauzá, LLC. All rights reserved. BIn our News & Alert of April 3, 2020 we discussed the Employee Retention Tax Credit (“ERTC”) contemplated under the “Coronavirus Aid, Relief and Economic Security” commonly referred to as the CARES Act. In this edition we will discuss a tax credit available also for employers during the COVID-19 emergency enacted in the “Family First Coronavirus Response Act” (“FFCRA”) and some of the difference

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THE DEFFERAL OF IRS EMPLOYMENT TAX DEPOSITS AND PAYMENTS DURING THE COVID-19 EMERGENCY

Vidal, Nieves & Bauzá LLC

Jun 30, 2020

THE DEFFERAL OF IRS EMPLOYMENT TAX DEPOSITS AND PAYMENTS DURING THE COVID-19 EMERGENCY

Vol. 30 - June 2020 | ©2020 by Vidal, Nieves & Bauzá, LLC. All rights reserved. Business owners in Puerto Rico and the United States are beginning to re-open after months of lockdown due to the COVID-19 pandemic. The re-opening of businesses represents a huge economic challenge since the losses in revenue affected the ability of many businesses to continue operating as they were doing so prior to the outset of the COVID-19 emergency. The United States Congress has made funds

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Tax Breaks for Distributions From Qualified Retirement Plans and IRA Accounts For COVID-19 Emergency

Vidal, Nieves & Bauzá LLC

May 2, 2020

Tax Breaks for Distributions From Qualified Retirement Plans and IRA Accounts For COVID-19 Emergency

Vol. 29 - May 2020 | ©2020 by Vidal, Nieves & Bauzá, LLC. All rights reserved. The Puerto Rico Treasury has issued several administrative pronouncements containing guidelines for the temporary tax breaks applicable to distributions from qualified retirement plans and IRA´s for COVID-19 related expenses. The tax breaks apply to distributions of up to $100,000 from February 20 to June 30, 2020, which are used for COVID-19 emergency-related expenses or Special Disaster Distrib

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THE EMPLOYEE RETENTION CREDIT FOR EMPLOYERS AFFECTED BY THE COVID-19 EMERGENCY

Vidal, Nieves & Bauzá LLC

Apr 3, 2020

THE EMPLOYEE RETENTION CREDIT FOR EMPLOYERS AFFECTED BY THE COVID-19 EMERGENCY

Vol. 28 - April 2020 | ©2020 by Vidal, Nieves & Bauzá, LLC. All rights reserved. The economic stimulus package recently approved by the United States Congress (P.L. 116, known as “The Coronavirus Aid, Relief and Economic Security (CARES) Act”), includes an important economic benefit for employers that retain employees on their payroll during the COVID-19 emergency. The economic benefit for employers affected by governmental closing orders is a fifty percent (50%) refundable t

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Payments to Health Care Providers under Government´s “Vital” Program During COVID-19 made by "ASES".

Vidal, Nieves & Bauzá LLC

Apr 1, 2020

Payments to Health Care Providers under Government´s “Vital” Program During COVID-19 made by "ASES".

Vol. 27 - April 2020 | ©2020 by Vidal, Nieves & Bauzá, LLC. All rights reserved. Senate Joint Resolution 501 was introduced in the Puerto Rico Senate on March 28, 2020 (“SJR 501”). It was approved on the Senate Floor on March 31, 2020 and referred to the House Health Committee on that same day. It proposes to appoint ASES, --the Puerto Rico Health Insurance Administration responsible for overseeing the government´s health insurance plan known as “Vital”--, as the sole payor f

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CRIM ANNOUNCES MORATORIUM ON THE PAYMENT OF REAL PROPERTY TAXES

Vidal, Nieves & Bauzá LLC

Mar 31, 2020

CRIM ANNOUNCES MORATORIUM ON THE PAYMENT OF REAL PROPERTY TAXES

Vol. 26 - March 2020 | ©2020 by Vidal, Nieves & Bauzá, LLC. All rights reserved. On March 30, 2020, the Municipal Revenue Collection Center (“CRIM”, by its Spanish acronym) issued Administrative Order No. 2020-04 whereby it announced a moratorium on the payment of interest, surcharges and penalties on real property tax payments which is in place until May 29, 2020. The order was issued in response to the Governor’s Executive Order OE 2020-29, which extended the lockdown and c

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ADDITIONAL TAX RELIEF TO ADDRESS THE CASH FLOW PROBLEMS DURING THE COVID-19 EMERGENCY

Vidal, Nieves & Bauzá LLC

Mar 31, 2020

ADDITIONAL TAX RELIEF TO ADDRESS THE CASH FLOW PROBLEMS DURING THE COVID-19 EMERGENCY

Vol. 25 - March 2020 | ©2020 by Vidal, Nieves & Bauzá, LLC. All rights reserved. After the press conference offered by the Governor of Puerto Rico on March 24, 2020 to announce the first economic package to counter the Coronavirus (COVID-19) crisis in Puerto Rico, the Department of Treasury and other tax authorities issued the following guidelines: Administrative Determination 20-10 of March 24, 2020 (DA-2010) on Measures to Address Cash Flow for Taxpayers and Merchants befor

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COVID-19 and Act No. 22 Bona Fide Residents of Puerto Rico

Vidal, Nieves & Bauzá LLC

Mar 30, 2020

COVID-19 and Act No. 22 Bona Fide Residents of Puerto Rico

Vol. 24 - March 2020 | ©2020 by Vidal, Nieves & Bauzá, LLC. All rights reserved. Puerto Rico and the United States have, with limited exceptions, either mandated or recommended people remain at home and maintain social distancing in order to attempt to slow down the number of persons infected with the Coronavirus (COVID-19). The rapid spread of the virus may require even more stringent measures, including domestic travel restrictions between the States in the mainland a

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PR Tax Filing Extensions and Moratoriums due to COVID-19

Vidal, Nieves & Bauzá LLC

Mar 29, 2020

PR Tax Filing Extensions and Moratoriums due to COVID-19

Vol. 23 - March 2020 | ©2020 by Vidal, Nieves & Bauzá, LLC. All rights reserved. The Government of Puerto Rico issued several filing extensions, moratoriums and exemptions to tax requirements for business owners due to the COVID-19 outbreak. The following is a summary of recent tax pronouncements related to the COVID-19 emergency. Additional Puerto Rico tax pronouncements are expected as new developments on the COVID-19 virus arise. Income Tax Return and Income Tax

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Government of Puerto Rico Implements Curfew and Closure of Businesses to Combat COVID-19

Vidal, Nieves & Bauzá LLC

Mar 28, 2020

Government of Puerto Rico Implements Curfew and Closure of Businesses to Combat COVID-19

Vol. 22 - March 2020 | ©2020 by Vidal, Nieves & Bauzá, LLC. All rights reserved. On March 15, 2020, Governor Wanda Vázquez Garced issued Administrative Bulletin No. OE-2020-23 (“Executive Order”) to implement a governmental and private sector operations closure in order to combat the effects of coronavirus (COVID-19) and to control the risk of infection in Puerto Rico. In view of the state of emergency declared under Administrative Bulletin No. OE-2020-020 of March 12,

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DDEC Proposes Opportunity Zones Regulation.

Vidal, Nieves & Bauzá LLC

Feb 3, 2020

DDEC Proposes Opportunity Zones Regulation.

Vol. 21 - February 2020 | ©2020 by Vidal, Nieves & Bauzá, LLC. All rights reserved. On January 30, 2020, the Secretary of the Department of Economic Development and Commerce (“DDEC”) announced the publication of the first draft of the proposed “Regulation To Implement the Provisions of the Sections 6070.54-6070.69 of Act 60-2019, also known as the Incentives Code of Puerto Rico” (“Proposed Regulation”). The Proposed Regulation implements the provisions of the Incentives

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IN FULL FORCE THE PUERTO RICO INCENTIVES CODE

Vidal, Nieves & Bauzá LLC

Jan 7, 2020

IN FULL FORCE THE PUERTO RICO INCENTIVES CODE

Vol. 20 - January 2020 | ©2020 by Vidal, Nieves & Bauzá, LLC. All rights reserved. As Puerto Rico welcomed the New Year 2020, the government ushered on January 1st the implementation of Law No. 60 of 2019 known as the Puerto Rico Incentives Code (IC) in its entirety, as only parts of the law had become effective on July 2019 when it was approved. On January, 1st 2020 all the provisions of IC became effective, and would therefore group and govern all Puerto Rico cash and t

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NEWS AND ALERTS