In January of this year, the executive branch enacted Law No. 14.801/2024, introducing a new fundraising instrument into the Brazilian capital market: infrastructure debentures. Aiming to further increase financing and research, infrastructure debentures are now included among the instruments with tax benefits.

This new security, however, should not be confused with incentivized debentures, an instrument already known in the market. The main difference between them lies in tax treatment. Unlike incentivized debentures, which guarantee income tax exemption for individuals, infrastructure debentures benefit issuing companies.

Currently, the regulation of both debentures is regulated by Decree 11.964/2024, which establishes, among other points, the sectors considered priority for issuance. The market awaits the issuance of new ordinances detailing the legal regulations for these securities.