To amend the Internal Revenue Code of 1986 to allow elective payment of applicable credits to bona fide residents of and entities organized under the laws of Puerto Rico.

This bill allows elective payments of specified tax credits to bona fide residents of and entities organized under the laws of the Commonwealth of Puerto Rico. 

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7903 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 7903

To amend the Internal Revenue Code of 1986 to allow elective payment of 
  applicable credits to bona fide residents of and entities organized 
                     under the laws of Puerto Rico.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 9, 2024

Mrs. Gonzalez-Colon (for herself, Mr. Torres of New York, and Mr. Soto) 
 introduced the following bill; which was referred to the Committee on 
                             Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to allow elective payment of 
  applicable credits to bona fide residents of and entities organized 
                     under the laws of Puerto Rico.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. AVAILABILITY OF ELECTIVE PAYMENT OF APPLICABLE CREDITS TO 
              PUERTO RICAN RESIDENTS AND ENTITIES.

    (a) In General.--Section 6417(d)(1)(A) of the Internal Revenue Code 
of 1986 is amended by striking ``or'' and the end of clause (v), by 
striking the period at the end of clause (vi) and inserting ``, or'', 
and by adding at the end the following new clause:
                            ``(vii) a public entity, nonprofit 
                        organization, or electric cooperative organized 
                        under the laws of Puerto Rico.''.
    (b) Exception From Requirement That Property Is Located in the 
United States.--Section 6417(d)(2) of such Code is amended by striking 
``and'' at the end of subparagraph (A), by striking the period at the 
end of subparagraph (B) and inserting ``, and'', and by adding at the 
end the following new subparagraph:
                    ``(C) in the case of property which is used 
                predominately in a United States possession, without 
                regard to sections 50(b)(1) and 30C(e)(3).''.
    (c) Effective Date.--The amendments made by this section shall 
apply to facilities and property placed in service after the date of 
the enactment of this section.
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