Bill > HR3968

This bill proposes to extend a tax deduction for income generated from domestic production activities in Puerto Rico. Specifically, it amends Section 199(d)(8)(C) of the Internal Revenue Code of 1986, which is the body of federal tax law in the United States. The changes involve extending the period for which this deduction is allowed from the "first 8 taxable years" to the "first 10 taxable years" and pushing back the expiration date from January 1, 2014, to January 1, 2016. These amendments are effective for taxable years beginning after December 31, 2013.