On Thursday, News is my Business obtained a copy of the notice the Internal Revenue Service sent to the government of Puerto Rico with regards to the federal credit granted for the 4 percent excise tax that went into effect in January.
Local manufacturing companies subjected to the 4 percent excise tax imposed in January through Law 154 may want to breathe a sigh of relief, as the Internal Revenue Service has confirmed that they will be able to take a credit on their federal income tax returns for the amount paid in Puerto Rico.
Executive Airlines, which serves the Caribbean out of San Juan as American Eagle, is facing a $550,000 fine from the Federal Aviation Administration for failing to complete appropriate inspections on several aircraft.
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