P.R. Laws tit. 13, § 30578
(a) A credit is allowed to the partner of a special partnership described in § 30551(a)(10) of this title, equal to twenty-five percent (25%) of the amount of his/her annual contribution to the special partnership, made before the effective date of the provisions of any law of the Government of Puerto Rico that grants tax credit to the film industry, but said credit shall not exceed two hundred fifty thousand dollars ($250,000) in the taxable year in which the contribution is made. When determining the amount of the annual contribution of the partner to the special partnership, only the cash amounts contributed shall be considered. The credit shall be applied against the determined tax under the provisions of this part after taking into account any net loss of the partner in the special partnership. Such credit shall neither be applied against the alternative minimum tax, nor against the alternate basic tax applicable to individuals.
(b) Credit carryover. — In the event that the credit described in subsection (a) of this section exceeds the amount of the tax determined for a taxable year, such excess may be carried over to each of the next five (5) succeeding taxable years in chronological order, and claimed as a credit up to the limit of tax determined in each year, until the credit is exhausted, but never in excess of two hundred fifty thousand dollars ($250,000) for any taxable year.
History —Jan. 31, 2011, No. 1, § 1114.28, retroactive to Jan. 1, 2011.