Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.
| State or Territory: | Puerto Rico |
| Effected Jurisdiction: | Puerto Rico |
Jurisdiction type: | State or Territory |
| Fiscal year ending In: | 2020 |
| Program name: | Purchase: Tourism Development |
| Program purpose: | Local Tourism Investment |
| Statutory authority: | Art. 5 Act 78-1993 |
| Abating jurisdiction(s): | Territory of Puerto Rico |
| Applicable taxes: | Corporate Income Tax |
| Method of abatement: | Tax Exemption/Credit |
| Provisions for recapture: | None |
| Gross revenue loss: | $2,900,000 |
| Reimbursement / offset: | $0 |
| Net revenue loss: | $2,900,000 |
| Type of loss: | Active |
| Additional notes on dislosure: | Act 78 provides 90% exemption on income from eligible tourism activities, including benefits and dividends distributed from the exempt business to its shareholders or partners, as well as distributions in liquidation |
| Document source: | https://emma.msrb.org/P21619995-P21246656-P21671140.pdf |
