2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 15 - Puerto Rico Industrial Incentives Generally (§§ 10001 — 10855) › PART III - Other Tax Incentives (§§ 10401 — 10855) › Chapter 954 - Real Property Market Stimulus Act (§§ 10691 — 10700) › § 10691 - Definitions

For purposes of this chapter the following terms and phrases shall have the meaning stated below:
(a) Newly-built property.— Means:
(1) Any newly-built residential real property located in Puerto Rico, suitable for family living that has not been occupied and is acquired from a developer. In order for the real property to be deemed a newly-built property, the seller of the real property shall certify in writing to the acquirer, by means of a sworn statement, on or before the date of acquisition, that it is a newly-built real property and has not been previously occupied.
(2) Any reinforced concrete predesigned or prefabricated single- story, two-story, or elevated home acquired from a bona fide predesigned or prefabricated house company whose plans have been approved by the Regulations and Permit Administration (ARPE, Spanish acronym) on or before December 30th, 2009, except by means of a dispensation of the Secretary of the Department of Consumer Affairs. In order for the predesigned or prefabricated homes to be deemed a newly-built property, the acquirer shall submit a copy of the sales contract executed between the acquirer and the predesigned or prefabricated homes company, and commence the construction thereof after obtaining a construction permit duly issued by ARPE or its succeeding agency between September 1st, 2010 and June 30th, 2012, and whose construction concludes on or before March 31st, 2013, upon due filing of the use permit application before ARPE or its successor agency.
(b) Eligible lessor.— Means any individual, succession, corporation, partnership or trust, whether resident or non-resident of Puerto Rico, that leases any residential newly-built property or qualified property.
(c) Qualified property.— Means:
(1) Any existing residential real property located in Puerto Rico suitable for family living, other than a newly-built property, or
(2) any existing non-residential real property located in Puerto Rico sold after September 1, 2010, but not later than October 31, 2011, whose sales price does not exceed three million dollars ($3,000,000).
(3) Whose seller certifies in writing to the acquirer by means of a sworn statement, on or before the acquisition date, that the real property complies with one of the two requirements above.
(d) Code.— Means Act No. 120 of October 31, 1994, known as the “Puerto Rico Internal Revenue Code of 1994”, or any subsequent law replacing it.
(e) Developer.— Means any natural or juridical person, duly licensed as developer by the Department of Consumer Affairs, engaged in the construction business as entrepreneur or mainly responsible for the promotion, design, sale, construction of housing developments and project works, whether single or multistory; Provided, That solely for the purposes of this chapter the term “developer” shall also include those financial institutions or any natural or juridical persons that, by virtue of a judicial, extrajudicial proceeding or by agreement of dation in payment or similar transaction become the successor of an interest of a developer.
(f) Sale.— Means a contract between two parties-seller and purchaser-executing through a public deed before a notary public authorized to practice his/her profession in Puerto Rico, by means of which the title and ownership of a real property is transferred for a certain price.
History —Sept. 2, 2010, No. 132, § 1.1; July 5, 2011, No. 115, § 1; Dec. 30, 2011, No. 288, § 1.