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: | 2022 |
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:![]() | $55,800,000 |
Reimbursement / offset:![]() | $0 |
Net revenue loss:![]() | $55,800,000 |
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/P21797106-P21379346-P21818960.pdf |