Every entrepreneur operating a business in urban centers and whose clientele has lessened or whose volume of sales has substantially decreased due to the development of revitalization projects carried out at the urban center in which his business is established shall be eligible for the following tax benefit:(a) Every commercial entity established in the area affected by the construction of the urban center revitalization projects shall be entitled to a tax credit of eight percent (8%) from the fifty percent (50%) of the gross sales generated during the construction works period. The maximum credit amount shall not exceed the total tax liability reported in the income tax return for the previous year. Any taxpayer who receives this credit shall include in his income tax return a certification issued by the Puerto Rico Trade and Export Company identifying his business as a business affected by the construction works. No applications shall be accepted nor any incentives, credits, deductions, and other benefits described in this section shall be granted to projects whose construction has not begun as of June 30 th, 2015, or that have failed to submit a certificate of eligibility to tions, and other benefits described in this section shall be granted to projects whose construction has not begun as of June 30 th, 2015, or that have failed to submit a certificate of eligibility to the Department of the Treasury as of June 30 th, 2016; provided, that the aforementioned projects were eligible under the provisions of subsection (a)(5) of § 30210b of Title 13. History —Aug. 29, 2002, No. 212, added as § 4.04 on Sept. 2, 2004, No. 245, § 1; Nov. 17, 2015, No. 187, § 82.
Puerto Rico Legal Code