INFRASTRUCTURE DEBENTURES LAW SANCTIONED
Sanctioned last Tuesday (09/01), and published yesterday, 10/01, Federal Law No. 14.801/2024 creates the so-called infrastructure debentures, as well as changing the legal framework for incentivized debentures, the Infrastructure Equity Investment Fund (FIP-IE), the Research, Development and Innovation Intensive Economic Production Investment Fund (FIP-PD&I) and the Infrastructure Investment Incentive Fund (FI-Infra).
The aim of the changes is to expand and diversify sources of funding for the sector, including the possibility of investment funds and foreign investors.
According to the law, more specifically article 6, infrastructure debentures must be issued by December 31, 2030, and grant the issuer of the debt a 30% (thirty percent) reduction in the calculation basis of Income Tax and Social Contribution on Net Profits (CSLL) on the interest paid to the holders of the bonds[1].
Therefore, unlike incentivized debentures, which only grant advantages to the investor of the securities, infrastructure debentures guarantee benefits to the issuers.
The new law came into force on the very date of its publication (10/01), given the great concern that the federal government has been showing with the recovery of the sector. The expectation is that the entry of new sources of investment can leverage the new Growth Acceleration Program (PAC), as well as speeding up stalled infrastructure works in the country.
BTLAW 's Capital Markets team will continue to monitor developments in this area and is available for any further clarifications.
[1] According to Article 6 of Law No. 14,801/2024, the issuer may: "I - deduct, for the purpose of calculating net income, the amount corresponding to the sum of interest paid or incurred, under the terms permitted by the income tax and Social Contribution on Net Income (CSLL) legislation; and II - exclude, without prejudice to the provisions of item Iofthe caput of this article, in determining the actual income and the CSLL calculation basis, the amount corresponding to 30% (thirty percent) of the sum of interest related to the debentures referred to in Article 2 of this Law, paid in that financial year."