Client Alerts 
TAX ALERT: EXTENSION OF ACT 154 4% EXCISE TAX FILED AT LEGISLATURE
You can download the PDF below or by clicking here.
BANKRUPTCY, REORGANIZATION AND CREDITORS’ RIGHTS GROUP
Today, the United States Bankruptcy Court for the District of Puerto Rico, in a case of first impression in this district, issued the attached opinion and order, concluding that the absolute priority rule applies to individual Chapter 11 debtors. In re Lee Min Ho Chen, Case No. 11- 08170 (BKT), Docket No. 211.
TAX ALERT: TAX AMNESTY ON PERSONAL AND REAL PROPERTY TAX DEBTS
Act No. 94 of June 16, 2011 (“Act No. 94”) provides an amnesty consisting of the total elimination of interest, penalties and surcharges on certain unpaid real and personal property taxes. In addition, Act No. 94 provides for the elimination of fifty percent (50%) of the principal of personal property tax debt for the year .
TAX ALERT: TAX REDISTRIBUTION BILL FILED
The Administration has filed House Bill 1073 to enact the “Tax Burden Adjustment and Redistribution Act” to generate revenues to cover the Budget deficit for fiscal year 2013-2014 and provide revenues for fiscal years thereafter. An equivalent bill was filed in the Senate (SB 544). The following summarizes the major provisions of HB 1073. It is anticipated there will be public hearings to discuss the provisions of this bill.
Client Alerts
TAX ALERT: EXTENSION OF ACT 154 4% EXCISE TAX FILED AT LEGISLATURE
You can download the PDF below or by clicking here.
BANKRUPTCY, REORGANIZATION AND CREDITORS’ RIGHTS GROUP
Today, the United States Bankruptcy Court for the District of Puerto Rico, in a case of first impression in this district, issued the attached opinion and order, concluding that the absolute priority rule applies to individual Chapter 11 debtors. In re Lee Min Ho Chen, Case No. 11- 08170 (BKT), Docket No. 211.
TAX ALERT: TAX AMNESTY ON PERSONAL AND REAL PROPERTY TAX DEBTS
Act No. 94 of June 16, 2011 (“Act No. 94”) provides an amnesty consisting of the total elimination of interest, penalties and surcharges on certain unpaid real and personal property taxes. In addition, Act No. 94 provides for the elimination of fifty percent (50%) of the principal of personal property tax debt for the year .
TAX ALERT: TAX REDISTRIBUTION BILL FILED
The Administration has filed House Bill 1073 to enact the “Tax Burden Adjustment and Redistribution Act” to generate revenues to cover the Budget deficit for fiscal year 2013-2014 and provide revenues for fiscal years thereafter. An equivalent bill was filed in the Senate (SB 544). The following summarizes the major provisions of HB 1073. It is anticipated there will be public hearings to discuss the provisions of this bill.
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