H.R. 4026 — To amend the Internal Revenue Code of 1986 to allow certain credits and deductions to be taken as a refundable tax credit by Puerto Rico businesses or residents, and to extend such credits and deductions to possessions of the United States.

This bill extends the tax credit for expenditures to provide access to disabled individuals to U.S. possessions and makes such credit refundable for bona fide residents of Puerto Rico. The bill permits Puerto Rican residents a refundable tax credit for 21% of amounts otherwise allowable as a tax deduction for expenditures to remove architectural and transportation barriers to the handicapped and elderly. It also requires payment to U.S. possessions for taxable years beginning after December 31, 2022, of an amount equal to the their losses due to the application of the credits and deductions by this bill.