Puerto Rican solar
A Puerto Rican solar project will qualify for an investment tax credit and accelerated depreciation in the United States, the IRS said.
The IRS confirmed that a US limited liability company that is treated as a partnership for US tax purposes and that is developing a solar project in Puerto Rico will be able to claim the tax benefits when the project is completed. The partnership has two partners. Both are US corporations. Projects outside the United States do not normally qualify for these tax benefits. However, projects in Puerto Rico and other US possessions qualify if owned by US citizens or corporations. The ruling is Private Letter Ruling 201324006. It was released in June.
The IRS has issued other rulings recently about projects in Puerto Rico. For other coverage of this subject, see "Renewable Energy Projects in Puerto Rico" in the June 2011 NewsWire and "Wind Farms in Puerto Rico" in the November 2011 NewsWire.