Sec. 108. Employee retention credit with respect to individuals employed in the qualified Puerto Rico disaster zone
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/bill/116/hr/5687/pcs/section-108A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Secretary of the Treasury shall pay to Puerto Rico the amount determined under subsection
(b)for the purpose of providing an employee retention credit with respect to individuals employed in a qualified Puerto Rico disaster zone (as defined in section 102). The preceding sentence shall not apply unless Puerto Rico has a plan for implementing such employee retention credit— which is similar to the plan approved under section 504(d)(1)(B) of the Disaster Tax Relief and Airport and Airway Extension Act of 2017, under which Puerto Rico will promptly distribute such payments to its residents, and which has been approved by the Secretary of the Treasury for purposes of this section. The amount determined under this subsection is the product of— the aggregate amount of payments made under section 504(d)(1)(B) of the Disaster Tax Relief and Airport and Airway Extension Act of 2017, multiplied by the population adjustment ratio. For purposes of this subsection, the term population adjustment ratio means the ratio of— the number of individuals estimated by the Secretary of the Treasury to have been present in the qualified Puerto Rico disaster zone (as defined in section 102), over the number of individuals estimated by the Secretary of the Treasury to have been present in the Hurricane Maria disaster zone (as defined in section 501(c) of the Disaster Tax Relief and Airport and Airway Extension Act of 2017). Not later than 90 days after substantially all of the employee retention credits under this section have been paid or allowed to taxpayers in Puerto Rico, the Secretary of the Treasury of Puerto Rico shall submit a written report to Congress documenting the implementation of such credits.