By: Manuel López-Zambrana | Janine Guzman | Juan Feliciano

On June 22, 2020, the Puerto Rico Treasury Department (“PRTD”) issued Internal Revenue Circular Letter 20-29 (“IRCL 20-29”) to extend the period until December 31, 2020 during which an individual may receive distributions for disaster relief (“Disaster Relief Distributions”) on a tax-free basis or at a reduced tax rate from PR qualified retirement and individual retirement plans as a result of the earthquakes that have been hitting Puerto Rico since late 2019 and the coronavirus disease 2019 (“COVID-19”) pandemic.

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