Client Alerts 
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.
BANKRUPTCY, REORGANIZATION, AND CREDITORS’ RIGHTS GROUP
O’Neill & Borges has the largest bankruptcy, creditors’ rights, restructuring, and insolvency practice in Puerto Rico. Our practice involves the representation of a wide range of clients in dealing with complex, sophisticated, distressed financial situations. Our clients include banks and other financial institutions, secured and unsecured creditors, indenture trustees and bondholders, landlords, investment funds, shareholders, purchasers, vendors, and other interested parties.
Client Alerts
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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.
BANKRUPTCY, REORGANIZATION, AND CREDITORS’ RIGHTS GROUP
O’Neill & Borges has the largest bankruptcy, creditors’ rights, restructuring, and insolvency practice in Puerto Rico. Our practice involves the representation of a wide range of clients in dealing with complex, sophisticated, distressed financial situations. Our clients include banks and other financial institutions, secured and unsecured creditors, indenture trustees and bondholders, landlords, investment funds, shareholders, purchasers, vendors, and other interested parties.
T 787.764.8181 / 787.622.8181 F 787.753.8944 E info@oneillborges.com 