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Puerto Rico violated your tax Act 22 decree?
NOW you can fight back.
Act 22 requires an the filing of an exempt annual report by all decree recipients, and Puerto Rico charges a related “filing fee”.
Decrees generally provide that recipients are entitled to all the benefits, exemptions and tax rates in effect on the date decrees were signed. Despite this fact, Puerto Rico recently increased the filing fee tax from a mere $300 per recipient per year to a full $5,000 per recipient per year. A married couple both of whom are recipients will now pay nearly $10,000 per year in higher taxes than they were promised in their decree.
While many decree recipients can certainly afford to pay the tax increase, some cannot. But far more importantly, the arbitrary nature of the increase, passed in obvious contravention of the spirit and letter of Act 22 and the related grants, has destroyed trust in Puerto Rico and made it a far less attractive destination for new businesses, new capital and new talent. Unless Puerto Rico’s arbitrary breach of contract and unjust enrichment is successfully challenged, the incentives programs will be neutered as nothing will prevent Puerto Rico from raising future “filing fees” to any arbitrary level it prefers.
After raising sufficient funds, we intend to contract with litigation firm, Adsuar Muñiz (“AMG”), to launch a class action lawsuit against the Commonwealth of Puerto Rico to challenge the arbitrary increase in the filing fee tax.
This Class Action lawsuit (if certified) will benefit ALL Act 22 Tax Grantee holders. In the case that it is not certified as Class Action, AMG has agreed to represent all Act 22 Tax Grantees on an individual basis at no additional cost.
HOW THE MONEY WILL BE USED
Your credit card will only be charged if the fundraising goal is reached. The money will be used as follows:
- $95,000 - AMG Legal Fees up to Appellate Court
- $5,000 - Two Years of Organization Tax & Compliance Fees
- $9,000 - 501(c)(3) Designation AND 1101.01 Certification
- $3,371 - 3% Credit Card Processing Fees
All donations are tax deductible as we will be 501(c)(3).
In addition, we will be pursuing an expedited approval process (60 days) to obtain 1101.01 Certification through the Puerto Rican government. Under the new interpretation with Act 60-2019, it may be possible that your donation will qualify as an approved organization toward your $5,000 annual charitable contribution should your Act 22 tax decree require it. There is no guarantee that this will be the case by the end of the year and new interpretations by the Treasury that may occur in the mean time. The nominal increased cost is deemed to be worth the extra $6,000 or so in cost.
From Fundrazr: "...if the goal isn't reached there will not be any credit card processing fees charged to the donors as there will not have been a transaction that has been processed. These kinds of transactions are simply pledges, nothing is put through a transnational process until the donors are manually charged when the goal is met."
Our Pledge: If for any reason we should decide not to proceed with the lawsuit (very unlikely), all unused funds (less credit card processing fees, if any) will be refunded.
LEGAL FEES FOR APPEAL
This fundraiser does not cover the legal fees for an appeal. If an appeal is necessary, then a separate fundraiser will be required to raise $40,000 for additional legal fees. The $40,000 figure will likewise be fixed and pre-agreed upon AMG’s initial engagement.
If you have an Act 22 Tax Decree and are interested in being a named plaintiff in the suit, please send your interest to info at residentespr.org with subject "Plaintiff Interest"
Plaintiffs, who will act as class representatives, will be selected by the Board in consultation with AMG.
Enter your email here to be updated directly from the Board: http://eepurl.com/g4tM0T
Since its founding in 1994 the San Juan law firm of Adsuar Muñiz Goyco Seda & Perez-Ochoa, P.S.C. has provided comprehensive business-related legal services to companies throughout Puerto Rico, and to business interests based in the continental United States or abroad that have financial interests in Puerto Rico. AMG's team of lawyers brings years of experience and a wide range of professional credentials to every matter we handle.
AMG has prominent tax attorneys, including a former Assistant Secretary of the Puerto Rico Treasury Department. Members of the firm are frequent lecturers and speakers about tax and complex litigation matters. AMG’s tax attorneys regularly negotiate with the Puerto Rico Treasury Department and have a successful track record of tax litigation. Likewise, AMG has substantial expertise in class action litigation, and is uniquely positioned to assist in the prosecution of this effort.
LEGAL TEAM ASSIGNED TO OUR CASE
- Eric Perez Ochoa, Shareholder - Co-Chair of the Litigation and Trial Practice Department
- Luis Oliver-Fraticelli, Shareholder - Co-Chair of the Litigation and Trial Practice Department
- Ricardo Muñiz, Shareholder – Chair of the Tax Law Department
Fabian Rodriguez Torres,
- Miguel Carbonell, Associate
- Glorimar Irene Abel, Associate
ABOUT COALICIÓN DE RESIDENTES POR UN GOBIERNO INTEGRO
We are citizens of Puerto Rico holding the Commonwealth of Puerto Rico accountable for for violating its promises and breaching its contracts. More information about the board members can be found at residentespr.org
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