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.

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I

118th CONGRESS

2d Session

H. R. 7903

IN THE HOUSE OF REPRESENTATIVES

April 9, 2024

Mrs. González-Colón (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.

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.