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Publications Archive

  • Legislation Update
    January 29, 2014

    New developments concerning the federal minimum wage and the recently signed Act 15-14.

  • Act 151 signed into law
    January 13, 2014

    Act 151-2013, enacting certain amendments to Act 161-2009, known as the Puerto Rico Permitting Process Reform Act, signed into law.

     

  • Senate Bills 837 and 840
    January 9, 2014

    President of the Senate Hon. Eduardo Bhatia Gautier presents package of bills and resolutions intended to transform the energy sector in Puerto Rico.

  • “Effective Mechanisms for Tax Oversight Act” signed into law; administrative determination issued to postpone its effectiveness.
    December 31, 2013

    Act No. 163-2013 amends the Municipal License Tax Act, the Municipal Property Tax Act, the General Corporations Act and the Puerto Rico Internal Revenue Code of 2011.

  • Additional Extension to File Request for Waiver for Gross Receipts Tax
    December 30, 2013

    Treasury further extends deadline to file request for waiver for Gross Receipts Tax until January 31, 2014 , issues Administrative Determination 13-21.

  • New Property Tax Amnesty
    December 16, 2013

    Act No. 145-2013 amends the Municipal Property Tax Act of 1991. 

  • Pro Bono Program Achievements
    December 9, 2013

    McConnell Valdés provides more than 1,700 hours of free legal services during the Firm's 2012-13 fiscal year; associates and paralegals who worked 25 hours or more recognized.

  • Personal Property Tax: Quarterly Estimated Payments Required starting August 2014
    December 9, 2013

    Act No. 136-2013 amends the Municipal Property Tax Act of 1991

  • Puerto Rico Treasury Department issues Circular Letter 13-23
    November 25, 2013

    New Guidance on AUPs For Waiver of AMT and Expense Disallowance Due To Related Party Transactions Extension to File Request for Waiver for Gross Receipts Tax

  • House Bill 1568
    November 20, 2013

    House Bill 1568 proposes to postpone the reduction in SUT rate until February 1, 2014.

  • Puerto Rico Treasury Department issues Circular Letter 13-22
    November 19, 2013

    Puerto Rico Treasury Department Activates Merchandise Declaration Process at the Ports of Entry

  • Puerto Rico Supreme Court issues decision addressing “attorney-client” privilege
    November 13, 2013

    Businesses and Lawyers Need to be Careful when Conducting Confidential Investigations and Interviewing Employees

  • New Regulation Amends Act 154 Regulations
    November 5, 2013

    Regulation 8391 amends certain provisions of Regulation 7970 of December 29, 2010, which implemented the guidelines of Sections 2101, 2102, 2103 and 2104 of the Puerto Rico Internal Revenue Code of 1994.

  • Governor signs House Bill 1473 into Law 117-2013
    October 18, 2013

    Several technical amendments made to the new tax measures enacted on June 30, 2013 by the approval of Act 40-2013.

  • Recent Legislation Affecting the Labor & Employment Law Area - October 2013
    October 16, 2013

    Puerto Rico Department of Labor issues protocol to implement PR Act 22; Federal Department of Labor publishes regulations to improve job opportunities for veterans and for individual with disabilities.

  • New Licensing Requirements for Medical Device Manufacturers
    October 10, 2013

    The Puerto Rico Department of Health publishes draft regulation that would impose a licensing and registration requirement on entities engaged in the manufacture, sale and distribution of medical devices in Puerto Rico.

  • DOMA Impact on Puerto Rico Employers and the Administration of Retirement and Health Benefit Plans
    October 8, 2013

    DOMA Impact on Puerto Rico Employers and the Administration of Retirement and Health Benefit Plans

  • Law Prohibiting Discrimination Based on Genetic Information Signed
    September 24, 2013

    Act 107 prohibits employers from using genetic information in making employment decisions.

  • Sales and Use Tax Exemption for Exempt Businesses under Tourism Development Acts
    September 13, 2013

    Circular Letter No. 13-15 establishes procedures to claim the sales and use tax exemption on eligible articles acquired by exempt businesses holding a tax concession issued under the Puerto Rico Tourism Development Acts.

  • Application of the Sales and Use Tax to Certain Services
    September 13, 2013

    Act 40 excluded various services from the sales and use tax business-to-business exemption.

  • Guidance to Amendments to the Sales and Use Tax
    September 12, 2013

    Summary of some of the Internal Revenue Informative Bulletins, Circular Letters and Administrative Determinations issued by P.R. Treasury since the enactment of Act 40, Act 42 and Act 46.

  • McConnell Valdés Revalidates as Puerto Rico Law Firm Of the Year
    September 10, 2013

    The Firm was ranked “Band 1”, the highest classification, in all six of the practice areas evaluated by Chambers & Partners: Corporate, Dispute Resolution, Bankruptcy, Environmental, Intellectual Property Labor & Employment, Real Estate and Tax. Twenty six of the Firm’s attorneys, the highest number of any Puerto Rico law firm, were recognized as Leaders in their Field.

  • New Regulations Impact Federal Contractors and Veterans' Hiring
    September 4, 2013

    U.S. Department of Labor announces amendments to the regulations that implement the Vietnam Era Veterans’ Readjustment Assistance Act and Section 503 of the Rehabilitation Act.

  • Regulation for Interconnection of Generators to Electrical Transmission and Subtransmission System Approved
    July 29, 2013

    The Puerto Rico Electric Power Authority approves the Regulation for the Interconnection of Generators to the Electrical Transmission and Subtransmission System under the Net Metering Program.

  • Act 50 Establishes Preferential Rate for Electric Services provided to PRASA
    July 24, 2013

    Act 50 Establishes Preferential Rate for Electric Services provided to PRASA

  • Informative Return Filing Date to Notify Credits Extended
    July 22, 2013

    Puerto Rico Treasury Department extends due date for taxpayers to file the Informative Return.

  • Puerto Rico’s Energy Policy Comprehensively Restructured
    July 18, 2013

    Puerto Rico’s Energy Policy Comprehensively Restructured

  • New Puerto Rico Taxes: Significant changes made to the Puerto Rico Internal Revenue Code of 2011
    July 3, 2013

    New Puerto Rico Taxes: House Bills 1073, 1172 and 991 signed into Law

  • The Puerto Rico State Department issues Clarification on Presenting Declaration of First Use
    June 26, 2013

    Puerto Rico State Department issued Circular Letter  2013-03 clarifying the date of presentation of declaration of first use filed with intent to use.

  • Automatic Extension of time to file the personal property tax return for Limited Liability Companies
    June 13, 2013

    Municipal Revenue Collection Center establishes the applicable period of the automatic extension of time for Limited Liability Companies to file the personal property tax return.

  • Recent Legislation Affecting the Labor & Employment Law Area
    June 11, 2013

    US Court of Appeals Vacates Rule Requiring Employers to Display Poster Regarding Employee Rights to Organize Unions; Governor García-Padilla Signs Law Prohibiting  Employment Discrimination on the Basis of Sexual Orientation and/or Gender Identity

  • Extension for the Adoption of Plan Amendments and Filing of Qualification Requests
    June 10, 2013

    Circular Letter No. 13-02 further extends due date for sponsors of qualified plans to adopt the amendments required under the Puerto Rico Internal Revenue Code of 2011.

  • Recent Developments in Employee Benefits
    May 9, 2013

    Important developments in the Employee Benefits area regarding Circular Letter No. 12-09; Puerto Rico’s Tax Amnesty Program; and PBGC's withdrawal of Opinion Letters 77-172 and 85-19.

  • New Puerto Rico Taxes
    May 2, 2013

    New and Increased Taxes Proposed to Reduce Puerto Rico Government's Budget Deficit

  • Act 12-2013 establishes Tax Amnesty program
    May 1, 2013

    Act 12-2013 enacted to establish a tax amnesty program where payment of interest, penalties and surcharges related to certain tax liabilities is waived. 

  • Process for Filing Electronic Preparation and Filing of Form 499 R-1B Improved
    April 22, 2013

    Informative Bulletin No.13-05 announces improvements to  electronic preparation and filing of Form 499 R-1B.

  • Deadline Approaching for Filing Plan Restatements and Certain Specific Amendments
    April 10, 2013

    Sponsors of Qualified Retirement Plans Required to File with Treasury Plan Restatements and Certain Specific Amendments to Meet New Tax Qualification Requirements

  • USCIS publishes revised Employment Eligibility Verification Form I-9
    April 3, 2013

    All employers required to complete Form I-9 for every employee hired in the United States and Puerto Rico.

  • Significant Changes Related to the Family and Medical Leave Act
    April 3, 2013

    U.S. Department of Labor makes various important announcements.

  • Proposed Changes to the Report of Foreign Bank and Financial Accounts
    March 20, 2013

    Financial Crimes Enforcement Network (“FinCen”) publishes for comment its proposed update to the Report of Foreign Bank and Financial Accounts Form.

  • Governor enacts the Jobs Now Act
    March 20, 2013

    Governor Alejandro García-Padilla sigs into law the “Jobs Now Act” (“Ley de Empleos Ahora”) with the goal of creating 50,000 new jobs in 18 months.

  • Regulation for the Interconnection of Generators to the Electrical Transmission and Subtransmission System
    March 12, 2013

    Puerto Rico Electric Power Authority publishes for comment its proposed Regulation for the Interconnection of Generators to the Electrical Transmission and Subtransmission System under the Net Metering Program.

  • Act 154 Excise Tax Amended
    March 7, 2013

    Governor García-Padilla signs Act No.2 to amend Sections 2101 and 2102 of the Puerto Rico Internal Revenue Code of 1994.

  • Severance Pay in Connection with a Reduction in Force not Subject to FICA
    February 5, 2013

    Severance Pay in Connection with a Reduction in Force not Subject to FICA

  • Excise Tax of Act 154-2010
    February 5, 2013

    Bill to Amend the Excise Tax of Act 154-2010 presented.

  • Governor files Jobs Now Act
    January 31, 2013

    Governor Alejandro García-Padilla files Act with the goal of creating 50,000 new jobs in 18 months.

  • PR Treasury Clarifies Rules of Taxation Applicable to Distributions made by Retirement Plans
    January 30, 2013

    PR Treasury Clarifies Rules of Taxation Applicable to Distributions made by Retirement Plans

  • Revised Article 9 of the Uniform Commercial Code (UCC) Becomes Effective
    January 15, 2013

    Revised Article 9 of the Uniform Commercial Code (UCC) Becomes Effective

  • New Taxpayer’s Representatives Services Office at PR Treasury
    January 8, 2013

    New Taxpayer’s Representatives Services Office at PR Treasury

  • Inapplicability of the Closing Act to sales by invitation
    December 10, 2012

    Inapplicability of the Closing Act to sales by invitation

The content of this McV Alert has been prepared for information purposes only. It is not intended as, and does not constitute, either legal advice or solicitation of any prospective client. An attorney-client relationship with McConnell Valdés LLC cannot be formed by reading or responding to this McV Alert. Such a relationship may be formed only by express agreement with McConnell Valdés LLC.

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