Present-Law Tax Rules And Proposed Committee Amendment Under S. 712, Puerto Rico Status Referendum Act : (Markup Consideration By Senate Committee On Finance On Aug. 1, 1990) Jcx-22-90

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income tax in the same manner as interest on a bond issued by a State. The exemption does not apply to any bond that is a non-qualified private activity bond (within the meaning of section 141).
Low- income housing credit A low-income housing credit is allowed against U.S.
income tax liability. The credit is allowed in annual installments over 10 years to the owners of qualified low-income rental housing, including housing located in a U.S. possession. In addition to maintaining prescribed perc
...entages of low-income units and satisfying other requirements, the building owners must receive a credit allocation from the appropriate credit authority (such as a State or Puerto Rico), except in the case of housing projects financed with tax-exempt bonds. In general, the authority of housing credit agencies to allocate low income housing credits expires December 31, 1990.
Excise taxes U.S. Excise taxes on Puerto Rican goods imported into the United States U.S. excise taxes generally do not apply within Puerto Rico.


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