1515

The money donated to the Communities Revitalization Administration (ARCo.) to be used for the matching of funds in individual savings and development accounts, may [be] deducted from the gross income of the donors pursuant to Section 1022(o) and 1023(aa)(2)(M) of the Internal Revenue Code.\nThe money deposited in the individual savings and development accounts shall be exempt from the payment of taxes on the interest accrued as long as the account is maintained and even after it is withdrawn, if the disbursement responds to one of the approved uses as defined in this chapter.\nThe money deposited or contributed by the Communities Revitalization Administration (ARCo.) to an individual savings and development account and that proceeds from the matching of funds as provided in §§ 1512(1) and 1513 of this title, shall constitute tax exempted income for the participant owner of the account. The interest accrued by the individual savings and development accounts shall be exempted from the payment of income taxes up to the amount established in Section 1022(b) of the Puerto Rico Internal Revenue Code of 1994, as amended.\nHistory —Dec. 4, 2001, No. 170, § 7.