(a) General rule. — Except as provided in subsection (b), any final agreements executed between a taxpayer and the Secretary pursuant to the provisions of the Puerto Rico Internal Revenue Code of 1994, the Income Tax Act of 1954, the Excise Tax Act of the Commonwealth of Puerto Rico of 1987, or the Puerto Rico Estate and Gift Tax Act, which are identical to the corresponding provisions of this Code, shall be understood to have been executed under the provisions of this Code when:(1) The Puerto Rico Internal Revenue Code of 1994. — Affecting tax liability for a year starting after December 31, 2010;(2) The Income Tax Act of 1954. — Affecting the determination of tax liability for a year starting after June 30, 1995;(3) The Excise Tax Act of the Commonwealth of Puerto Rico of 1987. — Affecting the determination of tax liability concerning taxable events after June 30, 1995; and(4) The Puerto Rico Estate and Gift Tax Act. — Affecting gifts made after June 30, 1995.(b) Final agreements related to taxes on industrial development income. — Final agreements between a taxpayer and the Secretary pursuant to the provisions of the Puerto Rico Internal Revenue Code of 1994 or the Income Tax

elated to taxes on industrial development income. — Final agreements between a taxpayer and the Secretary pursuant to the provisions of the Puerto Rico Internal Revenue Code of 1994 or the Income Tax Act of 1954, which contain prospective agreements regarding taxes on industrial development income generated by activities covered by an exemption decree pursuant to the provisions of the Economic Incentives Act for the Development of Puerto Rico or any preceding similar law, shall remain in effect in connection with taxable years starting after December 31, 2010, for the balance of the exemption term. History —Jan. 31, 2011, No. 1, § 6091.05, retroactive to Jan. 1, 2011.