- Act for the Transformation and Energy Relief of Puerto Rico signed into Law
Governor Alejandro García-Padilla signs into law Act 57 known as the “Act for the Transformation and Energy Relief of Puerto Rico.”
- House Bills 1919 and 1921 proposed
House Bills 1919 and 1921 proposed
- Personal Property Tax: Electronic Filing Required
The Municipal Revenue Collection Center (“CRIM”) notifies qualified taxpayers and certain tax return preparers about their obligation to file the personal property tax return through electronic means.
- Severance pay in connection with a reduction in force not subject to FICA
Severance pay in connection with a reduction in force not subject to FICA
- Final Rule for the e-Manifest System
Hazardous Waste Electronic Manifest Establishment Act signed into law.
- Underground Storage Tanks Control Regulation
The Puerto Rico Environmental Quality Board issues public notice informing intent to adopt new Underground Storage Tanks Control Regulation.
- New Non-Public Information Required from Corporations and Limited Liability Companies
The Puerto Rico Department of State to start compiling new data from entities registered an online ‘Economic Data Survey.’
- Annual Corporate Reports Amnesty
Temporary amnesty granted for the filing of corporate annual reports due for the periods ending on or before December 31, 2012.
- Legislation Update
Developments concerning House Bill 1626 and the federal minimum wage.
- PR Treasury Announces 2014 Dollar Limitations for Qualified Retirement Plans
Circular Letter 14-01 notifies cost-of-living adjustments that will apply to retirement plans qualified under the Puerto Rico Internal Revenue Code.
New regulations establish criteria and procedures applicable to requests for partial waiver from gross receipts tax
- Deadline to File Protective Refund Claim
Employer’s Deadline to File Protective Refund Claim for 2010 FICA Taxes Paid on Severance Payments
- Governor Alejandro García’s Proposal For Energy Reform
Four bills proposing to address various key energy-related matters submitted
- Additional Changes to the Sales and Use Tax and its Administration
Acts 18-2014 and 19-2014 became effective February 1, 2014
- Legislation Update
New developments concerning the federal minimum wage and the recently signed Act 15-14.
- Act 151 signed into law
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
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.
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
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
Act No. 145-2013 amends the Municipal Property Tax Act of 1991.
- Pro Bono Program Achievements
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
- Puerto Rico Treasury Department issues Circular Letter 13-23
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
House Bill 1568 proposes to postpone the reduction in SUT rate until February 1, 2014.
- Puerto Rico Treasury Department issues Circular Letter 13-22
Puerto Rico Treasury Department Activates Merchandise Declaration Process at the Ports of Entry
- Puerto Rico Supreme Court issues decision addressing “attorney-client” privilege
Businesses and Lawyers Need to be Careful when Conducting Confidential Investigations and Interviewing Employees
- New Regulation Amends Act 154 Regulations
- Governor signs House Bill 1473 into Law 117-2013
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
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
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
DOMA Impact on Puerto Rico Employers and the Administration of Retirement and Health Benefit Plans
- Law Prohibiting Discrimination Based on Genetic Information Signed
Act 107 prohibits employers from using genetic information in making employment decisions.
- Sales and Use Tax Exemption for Exempt Businesses under Tourism Development Acts
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
Act 40 excluded various services from the sales and use tax business-to-business exemption.
- Guidance to Amendments to the Sales and Use Tax
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
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
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
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
Act 50 Establishes Preferential Rate for Electric Services provided to PRASA
- Informative Return Filing Date to Notify Credits Extended
Puerto Rico Treasury Department extends due date for taxpayers to file the Informative Return.
- Puerto Rico’s Energy Policy Comprehensively Restructured
Puerto Rico’s Energy Policy Comprehensively Restructured
- New Puerto Rico Taxes: Significant changes made to the Puerto Rico Internal Revenue Code of 2011
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
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
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
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
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
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
New and Increased Taxes Proposed to Reduce Puerto Rico Government's Budget Deficit
- Act 12-2013 establishes Tax Amnesty program
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
Informative Bulletin No.13-05 announces improvements to electronic preparation and filing of Form 499 R-1B.
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