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CURRENT
EVENTS
New Tourism Development Act
The Puerto Rico Tourism Development Act of 2010 (the “2010 TDA”) has been enacted into law pursuant to Act No. 74 of July 10, 2010. The 2010 TDA has additional new benefits designed to reduce the high construction and operational costs of tourism businesses. Act 74 also amended the Internal Revenue Code of Puerto Rico and the Municipal Property Tax Act of 1991. Click here to download the newsletter.
Governor Luis Fortuño signs Executive Order that Favors Alternative Sources of Energy
On Monday, July 19, 2010, Governor Luis Fortuño signed an Executive Order (OE-2010-034) instructing all agencies to implement an expedited process, as permitted by Law No. 76 of May 5, 2000 (the “Law”), for the approval of permits, consultations, endorsements, recommendations, and certifications of projects that advance the development of new infrastructure for alternative and renewable sources of energy throughout Puerto Rico (the “Energy Projects”). The Executive Order creates an Interagency Sub-committee for Accelerated Environmental Compliance that will evaluate in an expedited manner all the environmental documents required for the Energy Projects. Click here to download a copy of the Executive Order / Oprima aquí para descargar una copia de la Orden Ejecutiva.
O'Neill & Borges at Puerto Rico Chamber of Commerce Energy Forum
On Saturday, June 26, 2010, our Partner, Jorge L. San Miguel, participated as a panelist in an Energy Forum during the Puerto Rico Chamber of Commerce Annual Convention. The topics included federal energy legislation and the energy sector in Puerto Rico after very recent House and Senate approval of the Green Energy Incentives Bill (HB 2610). Other panelists included Mr. Brandon Hurlbut, Deputy Chief of Staff for the Secretary of the federal
Department of Energy, and representatives from the PR Electric Power Authority and the Director of the PR Energy Affairs Administration.
O'Neill & Borges Named One of the Top Ranked Firms in Latin America for 2010 by Chambers Latin America
Chambers and Partners Legal Publishers has named O’Neill & Borges one of the top rated international firms in Latin America for 2010 handling high-end cross-border finance
and capital market transactions, mergers and acquisitions and international arbitration. O’Neill & Borges achieved top ranking in the areas of Corporate Commercial, Dispute
Resolution and Real Estate. The designation appears in "Chamber’s Latin America, Latin America’s Leading Lawyers for Business-2010 The Client’s Guide".
Chamber’s 2010 The Client’s Guide also identifies as "Leading Individuals" O’Neill & Borges’ partners
Walter F. Chow,
Julio Pietrantoni,
José R. Cacho,
Alfredo A. Alvarez,
Aurelio Emanuelli and
Juan Aquino
in the firm’s Corporate Department and
David P. Freedman,
Carla Garcia-Benitez and
Salvador Antonetti-Stutts
in the Litigation Department. One of the client-sources interviewed by Chamber’s for its 2010 The Client’s Guide stated the following of O’Neill & Borges’ attorneys:
"The lawyers have a business vision and mindset that is oriented to achieving client’s goals in the shortest time possible and with the maximum benefit possible for the client".
For over 20 years, Chambers has been one of the world’s leading directories of the legal profession. Every year Chambers identifies the world’s leading lawyers and law firms-the top performers,
according to the criteria most valued by clients. Chambers relies on client feedback for its rankings. For more information, click here.
Approval of the Puerto Rico Permits Process Reform Act
On December 1, 2009, the Honorable Governor of Puerto Rico, Luis Fortuño, signed Bill H.B 1649 known as the Puerto Rico Permits Process Reform Act. Pursuant to the mandates of the Act, the relevant agencies and governmental officials must now adopt the
required regulations and undertake the transition necessary for the implementation of the Act. Given the significance of the implementation of the Act for the economic development of Puerto Rico, the relevant agencies and governmental officials are expected
to be working expeditiously towards the timely implementation of the provisions of the Act. In order to ensure an effective and seamless transition, there may be a limited period during which the existing and the new structures related to the permit process
will both be in operation. As per the provisions of the Act, the entities and offices created by the Act must be in full operation no later than December 1, 2010. For a summary of the new structure of permit processes under the Act, please
click here. O’Neill & Borges played a key role in the conceptual development of the new permits structure and led the effort
of drafting the new law.
NEWSLETTERS
2010
Transitional Relief Provided by IRS for Tax-Free Transfer
Dual qualified plans with trusts located in the U.S. have until December 31, 2010 to transfer the assets pertaining to P.R. participants from the U.S. trust to a P.R. trust of a plan qualified under Section 1165 of the Puerto Rico Internal Revenue Code of 1994, as amended. The transitional relief provided by Rev. Rul. 2008-40 would allow that the transfer of the assets in the U.S. trust to the P.R. trust be treated as if it were a tax-free transfer and not be considered a taxable distribution of the account balances of the Puerto Rico participants at the time of the transfer.
Click here to download newsletter.
Dismissal/Severance Payment Held Income Tax Free
This edition of the O'Neill & Borges' Labor and Employment Legal Alert examines a recent Puerto Rico Supreme Court decision that overturns the Puerto Rico Treasury Department's
interpretation on the taxability of dismissal or severance payments. Orsini-Garcia v. Puerto Rico Treasury, 2009 TSPR 190 (December 18, 2009).
Click here to download newsletter.
Puerto Rico's "New and Improved" 2009 Trademark Act
This edition of the O'Neill & Borges' Intellectual Property Practice Group Newsletter discusses Puerto Rico’s newly enacted Trademark Law, Act No. 169 of December 16, 2009.
Some of the key changes in the Act include: new protections provided for trademark owners; new flexibility in some formerly "strict" registry terms; and changes to the operations of
the Puerto Rico Trademark Registry.
Click here to download newsletter.
NEWSLETTERS
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