Deduction for investment of profits (previous art. 37 TRLIS)
The twenty-fourth transitional provision of Law 27/2014, of November 27, on Corporate Tax ( BOE of November 28), establishes in its section 5 that “The income covered by the deduction for investment of profits provided for in article 37 of the consolidated text of the Corporate Tax Law , according to the current wording in tax periods beginning before January 1 of 2015, will be regulated by what is established therein and in its development rules, even when the investment and the other requirements occur in tax periods beginning on or after January 1, 2015."
For these purposes, the aforementioned article 37 TRLIS indicated in its section 2 that: “The investment in assets assigned to economic activities must be carried out within the period between the start of the tax period in which the profits subject to investment are obtained and the two subsequent years or, exceptionally, in accordance with a special investment plan approved by the Tax Administration at the proposal of the taxable person" and in section 3 that "The deduction is will be carried out in the full amount corresponding to the tax period in which the investment is made.”
In accordance with the above, for 2021 the net returns from economic activities of the 2014 tax period that, in 2021, are invested in new elements of tangible fixed assets or real estate investments, exceptionally, in accordance with a special plan of investment approved by the Tax Administration at the taxpayer's proposal , may give rise to the application of the investment deduction of article 37 of the consolidated text of the Corporate Tax Law, with the specialties established for this deduction Article 68.2 of the Personal Income Tax Law , in its current wording as of December 31, 2014, if they meet the conditions and requirements required therein.
Note: However, keep in mind that the wording of article 68.2.b) of the Income Tax Law that regulates the deduction for investment in new elements of tangible fixed assets and real estate investments that came into force on January 1, 2015 affects the returns obtained from that date that are invested between the beginning of the tax period in which the returns subject to investment are obtained and the following tax period.