Rev. Rul. 70-219

All bonds issued by the Government of Puerto Rico, or by its authority, are exempt as to principal and interest from taxation by the United States under section 3 of the Act of March 2, 1917, as amended by the Puerto Rican Relations Act (50 Stat. 843, 844; 48 U.S.C. 745).

Revenue Ruling 268, C.B. 1953-2, 12, which held that interest received by United States citizens on obligations issued by the General Supplies Administration, a division of the Puerto Rican Department of Agriculture and Commerce, is exempt from Federal income tax under section 22(b)(4) of the Internal Revenue Code of 1939 (section 103 of the Internal Revenue Code of 1954), is hereby revoked.

¹ Also released as Technical Information Release 1036, dated April 21, 1970.