Prior to the passage of law 248, the Puerto Rico legislature created the Administración de Asuntos Energéticos (AAE) to monitor and regulate solar electricity installations in Puerto Rico.
I read law 248 of 2008 (in Spanish) last night. There are a few useful points to highlight.
1. The 75% credit was during Puerto Rico fiscal years 2007-2008 and 2008-2009.
2. The 50% credit applies for FYs 2009-2010 and 2010-2011.
3. After FY2010-2011, the tax credit is 25%, and this seems to extend for an indefinite period.
4. The credit applies to both the equipment and installation, although it also applies only to equipment that carries 5 years or more warranty.
5. The equipment must be installed and certified by solar-licensed electricians and engineers.
6. The tax credit can be carried over for up to 10 years, so if for some reason you cannot receive some or all of the credit in one year, you can carry it over to the next, for up to 10 maximum. This may be important, as the total available in tax credits for any given FY is limited.
7. The tax credit can be transferred once.
8. Apparently, the documents that are required for the tax credits must be submitted with one's tax returns for 6 years following the installation.
9. The sales tax (the famous IVU) does not apply to the acquisition of solar electric equipment.
Later, I will detail the process of applying for the tax credit.