P.R. Laws tit. 13, § 30544
(a) General rule. — It shall be granted to any person to whom a certificate of membership is issued as a regular or special member of the special corporation, a credit equal to twenty-five percent (25%) of the total amount paid for said certificate, up to a maximum of one thousand dollars ($1,000). In the event that the certificate has been paid by a regular member in property, the cost or adjusted basis of the contributed property for such member shall be taken as credit. The credit shall be taken against the determined income tax for the year in which the required payments to acquire the certificate are made, whether in full or in installments in one or more taxable years, as applicable. The granted credit shall not be applicable against the alternate minimum tax of individuals. Such credit shall not be available if the regular member terminates his/her relationship with the special corporation and uses the amount received to pay for his/her membership certificate in another special corporation in which he/she subsequently becomes an ordinary member, except and to the extent that the cost of the new membership certificate exceeds the cost of the certificate in the corporation where he/she used to be a regular member.
(b) Credit carryover. — In the event that the amount of credit allowed exceeds the determined income tax for the taxable year referred to in subsection (a), the excess may be carried over during the two (2) succeeding taxable years.
History —Jan. 31, 2011, No. 1, § 1113.14, retroactive to Jan. 1, 2011.