48 U.S.C. § 2148: Required reports

Summary

The Oversight Board must send a report within 30 days after each fiscal year ends to the President, Congress, the Governor, and the Legislature. The report must say how the territorial government did on the chapter’s goals, what help the Board gave, any recommendations for federal law or action to help the territory follow a certified Fiscal Plan, exactly how Board funds from sections 2127 and, if used, 2124(e) were spent, and any other Board activities that year. Within six months after the Board is set up, the Governor must give the Board a list of all existing discretionary tax abatement or similar tax relief agreements involving the territory or its agencies. That list does not limit the territory’s power to make, change, or enforce such agreements. Board members and staff must keep the report confidential and follow territorial and federal tax privacy laws. When feasible, the Board should also file quarterly reports showing cash available to pay debt service on borrowings that are under a stay or moratorium and any difference from the amount in the Fiscal Plan’s debt sustainability analysis.

Title 48, §2148

Territories and Insular Possessions, Source: USLM XML via OLRC

(a)Annual report

Not later than 30 days after the last day of each fiscal year, the Oversight Board shall submit a report to the President, Congress, the Governor and the Legislature, describing—

(1)the progress made by the territorial government in meeting the objectives of this chapter during the fiscal year;

(2)the assistance provided by the Oversight Board to the territorial government in meeting the purposes of this chapter during the fiscal year;

(3)recommendations to the President and Congress on changes to this chapter or other Federal laws, or other actions of the Federal Government, that would assist the territorial government in complying with any certified Fiscal Plan;

(4)the precise manner in which funds allocated to the Oversight Board under section 2127 of this title and, as applicable, section 2124(e) of this title have been spent by the Oversight Board during the fiscal year; and

(5)any other activities of the Oversight Board during the fiscal year.

(b)Report on discretionary tax abatement agreements

Within six months of the establishment of the Oversight Board, the Governor shall submit a report to the Oversight Board documenting all existing discretionary tax abatement or similar tax relief agreements to which the territorial government, or any territorial instrumentality, is a party, provided that—

(1)nothing in this chapter shall be interpreted to limit the power of the territorial government or any territorial instrumentality to execute or modify discretionary tax abatement or similar tax relief agreements, or to enforce compliance with the terms and conditions of any discretionary tax abatement or similar tax relief agreement, to which the territorial government or any territorial instrumentality is a party; and

(2)the members and staff of the Oversight Board shall not disclose the contents of the report described in this subsection, and shall otherwise comply with all applicable territorial and Federal laws and regulations regarding the handling of confidential taxpayer information.

(c)Quarterly reports of cash flow

The Oversight Board, when feasible, shall report on the amount of cash flow available for the payment of debt service on all notes, bonds, debentures, credit agreements, or other instruments for money borrowed whose enforcement is subject to a stay or moratorium hereunder, together with any variance from the amount set forth in the debt sustainability analysis of the Fiscal Plan under section 2141(b)(1)(I) of this title.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in subsecs. (a)(1) to (3) and (b)(1), was in the original “this Act”, meaning Pub. L. 114–187, June 30, 2016, 130 Stat. 549, known as the Puerto Rico Oversight, Management, and Economic Stability Act and also as PROMESA, which is classified principally to this chapter. For complete classification of this Act to the Code, see

Short Title

note set out under section 2101 of this title and Tables.

§2148 Required Reports