SAN JUAN, PUERTO RICO, United States, August 20, 2021 /EINPresswire.com/ – The Puerto Rico Tax Credit Exchange (“PRTX”) is pleased to announce the addition of Uncommon Ventures (“UV”) as as a member of PRTX Community LLC on the peer-to-peer tax credit trading platform PRTX. As a peer, UV can now draw on the resources of the PRTX community to prepare requests for tax decrees, issue debt securities to monetize tax decrees and participate in secondary market transactions of these instruments with d ‘other peers and accredited investors in the PRTX market. In addition, UV is authorized to buy and sell tax credits on the exchange of tax credits for delivery to Puerto Rico’s Treasury Department, the Hacienda.
Drew Cutkomp, Co-Founder of Uncommon Ventures, commented: “At UV, we are delighted with the opportunity as members of the PRTX community to provide our clients with access to tax credit trading, which makes integral part of our clients’ strategy to maximize investments on the island and thus have a positive impact on the local economy.
Puerto Rico has a long history of encouraging investment by off-island investors by offering generous tax incentives, including tax credits, which in most cases are transferable and can be used to directly offset taxes owed by taxpayers from Porto Rico. In 2019, the numerous laws and statutes were consolidated under Law 60 administered by the Secretary of the Department of Economic Development and Trade (“DEDC”). PRTX will transact in the instruments of tax decrees covered by Law 60 for: section 3010.01 Tax credit for eligible tourism investment, section 3030.01 Tax credit for science and technology and section 3050.01 . Tax credit for creative industries, each having specific application and issuance criteria for tax credit.
Uncommon Ventures follows its entrepreneur clients every step of the way. Now, with membership in the PRTX community, UV clients can take advantage of the capabilities and expert resources of Puerto Rico’s top tax firms.
PRTX is currently in pre-launch beta mode with an operational marketplace and now accepts sales tax credits and issues debt instruments by tax decree providing taxpayers with an interest-bearing asset with a delivery of credits from tax at maturity.
The Puerto Rico Tax Credit Exchange was founded by Inportal Kanga Nexus LLC, a Puerto Rican limited liability company to encourage investment in Puerto Rico. Using a peer-to-peer private market format, PRTX enables investors in Puerto Rico to monetize their tax decrees and provides liquidity through a secondary trading market in issued tax decree instruments. Tax Credit Redemption is a place for buyers and sellers of tax credits to seamlessly process and settle through a third-party ACH payment provider.
About Uncommon Businesses
With Uncommon EntrePReneurs as an open arm to the public, UV’s mission is to create unique links and advise within a growing network of entrepreneurs, investors and innovative thinkers. Forming an ecosystem UVs promote community, prosperity and education. UV achieves these goals by hosting vibrant networking events across Puerto Rico, with over 2000 unique people physically participating and with many other interactions online.
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