Client Alerts 
GOVERNMENT ADOPTS NEW LIMITATIONS ON ISSUANCE AND USE OF TAX CREDITS
The Puerto Rico Fiscal Agency & Financial Advisory Authority (“FAFAA”) issued on March 7, 2017, Administrative Order OA-2017-01, to stay the issuance of new tax credits by the Government of Puerto Rico under a number of tax incentives laws ranging from the promotion of manufacturing and R&D activities; tourism incentive laws; investment capital fund; urban renewal; housing incentive laws; film incentives law; and certain credits included in the Puerto Rico Internal Revenue Code of 2011, among others. The consideration and issuance of new tax credits, including applications that have been submitted but are pending authorization, will now fall under the purview and evaluation of a new government committee created under the Order known as the “Committee for the Authorization of Disbursements and Tax Concessions”. The Committee is composed by the Executive Director of the FAFAA, the Secretary of the Treasury, and the Executive Director of the Office of Management and Budget, or their delegates. Close monitoring of the implementation of this Order is advisable to determine with certainty the impact this Order will have on tax credits granted and the availability of tax credits for new projects and investments.
PUBLIC NOTICES FROM DEPARTMENT OF HEALTH RELATING TO MEDICINAL CANNABIS
During the summer of 2016, the Commonwealth of Puerto Rico’s Department of Health (the “Department”) adopted Regulation No. 8766 of 2016 (the “Regulation”) to regulate the use, possession, cultivation, manufacture, dispensation, distribution and investigation of medicinal cannabis in Puerto Rico. Since the approval of the Regulation, the Department has been accepting and evaluating applications in .
NEW JOINT REGULATION TO ENFORCE ACT NO. 42-2015, AS AMENDED (PAYMENT ALTERNATIVES)
On November 18, 2016 the Department of Treasury (“Treasury”) and the Department of Consumer Affairs (“DACO”, for its Spanish acronym) filed with the Department of State a joint regulation to enforce the provisions of Act No. 42-2015, as amended (the “Act”), requiring (i) licensed service providers and (ii) commercial establishments to offer their clients at .
New proposed joint regulation to enforce Act No. 247-2015, as amended (Prohibition of Disposable Plastic Bags)
On November 30, 2016 the Department of Consumer Affairs (“DACO”, for its Spanish acronym) and the Solid Waste Authority (“Authority”) filed with the Department of State a joint regulation to enforce the provisions of Act No. 247-2015 (the “Act”). The regulation will be effective 30 days after its filing, December 30th. Starting on December 30th, .
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GOVERNMENT ADOPTS NEW LIMITATIONS ON ISSUANCE AND USE OF TAX CREDITS
The Puerto Rico Fiscal Agency & Financial Advisory Authority (“FAFAA”) issued on March 7, 2017, Administrative Order OA-2017-01, to stay the issuance of new tax credits by the Government of Puerto Rico under a number of tax incentives laws ranging from the promotion of manufacturing and R&D activities; tourism incentive laws; investment capital fund; urban renewal; housing incentive laws; film incentives law; and certain credits included in the Puerto Rico Internal Revenue Code of 2011, among others. The consideration and issuance of new tax credits, including applications that have been submitted but are pending authorization, will now fall under the purview and evaluation of a new government committee created under the Order known as the “Committee for the Authorization of Disbursements and Tax Concessions”. The Committee is composed by the Executive Director of the FAFAA, the Secretary of the Treasury, and the Executive Director of the Office of Management and Budget, or their delegates. Close monitoring of the implementation of this Order is advisable to determine with certainty the impact this Order will have on tax credits granted and the availability of tax credits for new projects and investments.
PUBLIC NOTICES FROM DEPARTMENT OF HEALTH RELATING TO MEDICINAL CANNABIS
During the summer of 2016, the Commonwealth of Puerto Rico’s Department of Health (the “Department”) adopted Regulation No. 8766 of 2016 (the “Regulation”) to regulate the use, possession, cultivation, manufacture, dispensation, distribution and investigation of medicinal cannabis in Puerto Rico. Since the approval of the Regulation, the Department has been accepting and evaluating applications in .
NEW JOINT REGULATION TO ENFORCE ACT NO. 42-2015, AS AMENDED (PAYMENT ALTERNATIVES)
On November 18, 2016 the Department of Treasury (“Treasury”) and the Department of Consumer Affairs (“DACO”, for its Spanish acronym) filed with the Department of State a joint regulation to enforce the provisions of Act No. 42-2015, as amended (the “Act”), requiring (i) licensed service providers and (ii) commercial establishments to offer their clients at .
New proposed joint regulation to enforce Act No. 247-2015, as amended (Prohibition of Disposable Plastic Bags)
On November 30, 2016 the Department of Consumer Affairs (“DACO”, for its Spanish acronym) and the Solid Waste Authority (“Authority”) filed with the Department of State a joint regulation to enforce the provisions of Act No. 247-2015 (the “Act”). The regulation will be effective 30 days after its filing, December 30th. Starting on December 30th, .
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