The State Department is getting technical assistance from the U.S. Department of Energy to establish a Public Utility Commission in Puerto Rico that would merge the Public Service Commission and the Telecommunications Regulatory Board. The new entity would also regulate the Puerto Rico Electric Power Authority and the Puerto Rico Aqueduct and Sewer Authority, Secretary of State Kenneth McClintock told News is my Business.
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.
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