Under discussion in the National Congress since 2016, the long-awaited regulation of the securitization of tax credits was approved by the Federal Senate and sanctioned. Complementary Law No. 208/24, published on 3 July 2024, included art. 39-A in Law No. 4,320/1964, which authorizes the onerous assignment, by federated entities, of credit rights arising from tax and non-tax credits – including those registered in active debt – to legal entities governed by private law or investment funds regulated by Securities and Exchange Commission.
The objective of the assignment of credit rights, also called securitization of public credits, is to allow federated entities to anticipate revenue, much of which is already registered in active debt, avoiding the risk of future defaults. In this way, the risk of non-payment by the debtor is transferred to the investor, who, in return, may acquire credit rights at a discount.
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