News & Analysis as of

Puerto Rico

A Possible Formula for Puerto Rico's Hurricane Recovery: Distributed Renewable Energy

by Sullivan & Worcester on

In October 2017, Hurricane Maria swept through the Commonwealth of Puerto Rico decimating the island, taking hundreds of lives and demolishing infrastructure on an enormous scale. In the hurricane’s immediate aftermath,...more

Recovering Administrative Claims in Chapter 9 Bankruptcy and Title III of PROMESA

Municipal bankruptcies under Chapter 9 of the Bankruptcy Code, 11 U.S.C. §§ 901-946 (Chapter 9), are rare. These cases are often filed to adjust bonded indebtedness and pension obligations. Congressional authorization for...more

FDIC, Federal Reserve Board, and OCC Issue Interagency Statement on CRA Consideration for the U.S. Virgin Islands and Puerto Rico...

by Weiner Brodsky Kider PC on

The interagency statement recently issued by the Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board of Governors (FRB), and the Office of the Comptroller of the Currency (OCC) addresses the availability of...more

Additional Rum Cover Over for Puerto Rico and the US Virgin Islands Approved in 2018 Budget Legislation

by McDermott Will & Emery on

On February 9, 2018, both houses of Congress approved the “Bipartisan Budget Act of 2018,” complex legislation that includes important modifications to an arcane law known as the “rum cover over,” which is an important...more

The Eerie Similarities Between The Gulf Spill In 2010 And Hurricane Maria In Puerto Rico 7 Years Later: How the Facts About the...

by K&L Gates LLP on

The massive public attention focused on the Jones Act in Puerto Rico immediately after Hurricane Maria was eerily analogous to the public spotlight on the law during the Deepwater Horizon oil spill (the “Gulf Spill”) in the...more

Puerto Rico Bars Use Of Legitimate Absences In Performance Review, Adds Catastrophic Illness Leave

by Jackson Lewis P.C. on

Just one year after substantial changes to Puerto Rico employment laws became effective, the Governor has enacted two new sick leave laws. One shields employees from adverse consequences from sick leave use. The other creates...more

New Act in Puerto Rico Establishes a Special Paid Leave for Employees Suffering from Catastrophic Illnesses

by Littler on

The Governor of Puerto Rico recently signed into law Act No. 28 (“Act 28”), entitling all employees, including temporary employees, to take up to six days of paid leave per year if they suffer from a “catastrophic illness.”...more

New Act Prohibits Employers in Puerto Rico from Using Absences to Measure Employee Efficiency and Performance

by Littler on

On Saturday, January 27, 2018, the Governor of Puerto Rico signed into law Act No. 60, establishing greater protections for non-exempt private sector employees by prohibiting employers from using sick leave to measure...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

ECB Chief Mario Draghi’s having none of the US Treasury Secretary’s recent weak-dollar talk, accusing the US official, in not so many words, of “violating agreements among nations against starting currency wars”....more

Deadline to Report Qualified Payments for Disaster Assistance with the Puerto Rico Department of the Treasury is Soon Approaching

by Littler on

On October 4, 2017, the Puerto Rico Department of the Treasury (the "PR Treasury") issued Administrative Determination No. 17-21 (AD 17-21) to exclude from gross income certain payments employers made to employees for...more

Smith to Moderate Judges’ Panel at ABI Symposium to Benefit Puerto Rico

by Moore & Van Allen PLLC on

Charlotte Bankruptcy Member and Team Leader Zach Smith will be moderating a panel of Puerto Rico’s Bankruptcy Judges at the American Bankruptcy Institute’s Caribbean Insolvency Symposium on February 1 in Miami, Florida....more

Puerto Rico Department of the Treasury Announces 2018 Limits on Qualified Retirement Plans

by Littler on

On December 15, 2017, the Puerto Rico Department of the Treasury (the “PR Treasury”) issued Tax Policy Circular Letter No. 17-02 (“CL 7-02”) announcing the 2018 applicable contribution limits for qualified retirement plans....more

Plan Sponsors and Service Providers Must be Aware of Changes Made to Rules Pertaining to Puerto Rico Qualified Retirement Plans

by Littler on

Recent changes to Puerto Rico’s tax treatment of certain retirement plans have taken effect. Act No. 106 of August 23, 2017 (“Act 106”) amended Section 1081.01 of the Puerto Rico Internal Revenue Code as amended, (the “PR...more

Tax Reform's New Incentives for Investments in Low-Income Communities: Part 1 - State Governors Given Responsibility for...

by Holland & Knight LLP on

• A new tax incentive in the recently enacted Tax Cuts and Jobs Act would allow investors selling appreciated securities or other investment property to defer tax on those gains to the extent that the proceeds are reinvested...more

Congress Passes Government Funding Measures

by Baker Donelson on

On December 21, Congress passed a bill to continue funding the government through January 19, 2018, averting a potential government shutdown ahead of the December 22, 2017, deadline for the previous funding measure. The House...more

Puerto Rico Department of the Treasury issues Q&As Clarifying Guidance on Qualified Payments Made for Hurricane María Disaster...

by Littler on

As previously discussed, on October 4, 2017, the Puerto Rico Department of the Treasury (the “PR Treasury”) issued Administrative Determination No. 17-21 (“AD 17-21”) granting temporary income tax exemption for payments...more

Employers Have until January 5, 2018 to Submit Comments on Proposed Regulation Implementing Puerto Rico’s Working Hours and Days...

by Littler on

On December 6, 2017, the Puerto Rico Secretary of the Department of Labor and Human Resources (“Secretary”) published the proposed Regulation to Administer Act No. 379 of May 15, 1948, as amended, known as Puerto Rico’s...more

Puerto Rican Evacuees Increase Pressure for Affordable Housing in Florida

More than 150,000 people have left Puerto Rico since Hurricane Maria devastated the island in September and have come to Florida. This surpasses the number of Cubans who fled to Miami in the Mariel boatlift of 1980. ...more

Court Affirms Dismissal Of Claim For Commissions For Placement Of Puerto Rican Public Liability Insurance

by Carlton Fields on

Plaintiffs Berkley Risk Solutions LLC, an insurance and reinsurance management services provider, and Admiral Insurance Co., an excess and surplus lines insurer, sued Industrial Re-International Inc., a New York reinsurance...more

In Brief: First Circuit Rules That Section 1109(b) of the Bankruptcy Code Creates an Unconditional Right to Intervene in an...

by Jones Day on

In Assured Guaranty Corp. v. Fin. Oversight & Mgmt. Bd. for Puerto Rico, 872 F.3d 57 (1st Cir. 2017), the U.S. Court of Appeals for the First Circuit ruled that section 1109(b) of the Bankruptcy Code gave an unsecured...more

Puerto Rico Treasury Department Issues Post-Hurricane Rules for Qualified Retirement Plan and IRA Distributions and Loans

by Littler on

On November 15, 2017, the Puerto Rico Department of the Treasury (the "PR Treasury") issued Administrative Determination Number 17-29 ("AD 17-29") to provide special rules and procedures applicable to distributions from...more

Puerto Rico Labor Department Updates Regulations On Payment Of Annual (Christmas) Bonus

by Jackson Lewis P.C. on

Employers in Puerto Rico must comply with updated regulations on the payment of the generally required annual bonus to eligible employees. The Puerto Rico Department of Labor (DOL) updated the regulations, effective October...more

Puerto Rico Secretary of Labor Issues Opinion Regarding Allowed Payroll Deductions Following Hurricanes Irma and María

by Littler on

On November 10, 2017, Puerto Rico's Secretary of the Department of Labor and Human Resources (“Secretary”) issued Opinion No. 2017-002 (“Opinion”) addressing allowable deductions from non-exempt employees’ pay following...more

Puerto Rico Governor Signs Executive Order Authorizing Rules for Retirement Plan and IRA Distributions in the Wake of Recent...

by Littler on

On November 8, 2017, the Governor of Puerto Rico signed Executive Order No. 2017-067 (“EO 2017-067”) authorizing the Secretary of the Department of the Treasury (the “PR Treasury”) to establish tax rules for distributions...more

Puerto Rico’s New Post-Hurricane Guidance: A How-To on Paying Exempt and Non-Exempt Workers

On October 17, 2017, the Secretary of the Puerto Rico Department of Labor and Human Resources (Secretary of Labor) published Opinion No. 2017-001, providing further guidance to private-sector employers on how they should...more

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