- Legislation UpdateJanuary 29, 2014
New developments concerning the federal minimum wage and the recently signed Act 15-14.
- Act 151 signed into lawJanuary 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 840January 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 TaxDecember 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 AmnestyDecember 16, 2013
Act No. 145-2013 amends the Municipal Property Tax Act of 1991.
- Pro Bono Program AchievementsDecember 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 2014December 9, 2013
- Puerto Rico Treasury Department issues Circular Letter 13-23November 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 1568November 20, 2013
House Bill 1568 proposes to postpone the reduction in SUT rate until February 1, 2014.
- Puerto Rico Treasury Department issues Circular Letter 13-22November 19, 2013
Puerto Rico Treasury Department Activates Merchandise Declaration Process at the Ports of Entry
- Puerto Rico Supreme Court issues decision addressing “attorney-client” privilegeNovember 13, 2013
Businesses and Lawyers Need to be Careful when Conducting Confidential Investigations and Interviewing Employees
- New Regulation Amends Act 154 RegulationsNovember 5, 2013
- Governor signs House Bill 1473 into Law 117-2013October 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 2013October 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 ManufacturersOctober 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 PlansOctober 8, 2013
DOMA Impact on Puerto Rico Employers and the Administration of Retirement and Health Benefit Plans
- Law Prohibiting Discrimination Based on Genetic Information SignedSeptember 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 ActsSeptember 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 ServicesSeptember 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 TaxSeptember 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 YearSeptember 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' HiringSeptember 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 ApprovedJuly 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 PRASAJuly 24, 2013
Act 50 Establishes Preferential Rate for Electric Services provided to PRASA
- Informative Return Filing Date to Notify Credits ExtendedJuly 22, 2013
Puerto Rico Treasury Department extends due date for taxpayers to file the Informative Return.
- Puerto Rico’s Energy Policy Comprehensively RestructuredJuly 18, 2013
Puerto Rico’s Energy Policy Comprehensively Restructured
- New Puerto Rico Taxes: Significant changes made to the Puerto Rico Internal Revenue Code of 2011July 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 UseJune 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 CompaniesJune 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 AreaJune 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 RequestsJune 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 BenefitsMay 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 TaxesMay 2, 2013
New and Increased Taxes Proposed to Reduce Puerto Rico Government's Budget Deficit
- Act 12-2013 establishes Tax Amnesty programMay 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 ImprovedApril 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 AmendmentsApril 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-9April 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 ActApril 3, 2013
U.S. Department of Labor makes various important announcements.
- Proposed Changes to the Report of Foreign Bank and Financial AccountsMarch 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 ActMarch 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 SystemMarch 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 AmendedMarch 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 FICAFebruary 5, 2013
Severance Pay in Connection with a Reduction in Force not Subject to FICA
- Excise Tax of Act 154-2010February 5, 2013
Bill to Amend the Excise Tax of Act 154-2010 presented.
- Governor files Jobs Now ActJanuary 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 PlansJanuary 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 EffectiveJanuary 15, 2013
Revised Article 9 of the Uniform Commercial Code (UCC) Becomes Effective
- New Taxpayer’s Representatives Services Office at PR TreasuryJanuary 8, 2013
New Taxpayer’s Representatives Services Office at PR Treasury
- Inapplicability of the Closing Act to sales by invitationDecember 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.