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 interconnected system with an added capacity of at least one megawatt that absorbs and stores energy generated at a given time. Companies established in Puerto Rico dedicated to the installation, operation, assembly or maintenance of green energy or other renewable energy sources will now be able to request and obtain economic incentives given by the Department of Economic Development and Commerce (“DEDC”) for the activity of energy storage on a commercial scale.
Additionally, this law will also increase the annual tax credits given to the film industry in Puerto Rico, for the development of new creative projects on the Island.
Should you or your company have any questions or interest, you may contact the attorneys at Vidal, Nieves & Bauzá; a corporate law firm with a special emphasis in energy, environmental, infrastructure, corporate, transactional and insurance practice.
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