reglab/statecodes huggingface dataset:
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 956 - Transition of the Program Promotion of Housing Act (§§ 10721 — 10728) › § 10723 - Use of the losses from the sale of qualified property

(a) Increase in the limit of capital loss allowed against regular income.— In the case of a taxpayer other than a corporation or partnership, the limit mentioned in the Code with respect to capital losses that may be used by the taxpayer against his regular income for a specific tax year shall be five thousand dollars ($5,000), insofar as the capital loss is generated from the sale of a qualified property carried out after the effective date of this act, but on or before June 30, 2013.
(b) Capital loss carry-over.— In the event that the taxpayer has a net capital loss generated from the sale of a qualified property made after November 1st, 2011, but on or before December 31st, 2017, the carry-over of such loss shall not be limited to the five (5) succeeding taxable years, but rather it may be carried over up to a maximum of fifteen (15) years, pursuant to subsection (a) of this section.
(c) To be entitled to the benefits set forth in this section, the taxpayer shall declare the sale in the income tax return corresponding to the year in which the loss was generated.
History —Nov. 1, 2011, No. 216, § 4; Dec. 21, 2012, No. 303, § 3; Nov. 17, 2015, No. 187, § 99.
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 956 - Transition of the Program Promotion of Housing Act (§§ 10721 — 10728) › § 10724 - Property tax exemption

(a) The buyer of a newly-built property between November 1, 2011 and June 30, 2013, shall be fully exempt for a five (5)-year term from real property taxes under §§ 5001 et seq. of Title 21, and/or Act No. 71-2009, with respect to such property. Such exemption shall be allowed for a term of five (5) years and shall apply commencing on January 1, 2011, and ending on December 31, 2018.
(b) Any acquirer or qualified institutional investor that acquires an eligible housing from July 1 st, 2013, but not later than on December 31 st, 2017 shall be fully exempt from real property tax imposed pursuant to the provisions of §§ 5001 et seq. of Title 21, for a term of five (5) years with respect to such property. The exemption shall be for a maximum term of five (5) years and shall be applicable as of January 1 st, 2011 and ending not later than December 31 st, 2022. It is hereby provided that this exemption shall likewise apply to any acquirer that buys an eligible housing unit from a qualified institutional investor, provided that it is the first sale made by the investor after the his initial acquisition.
History —Nov. 1, 2011, No. 216, § 5; Dec. 30, 2011, No. 288, § 5; Dec. 21, 2012, No. 303, § 4; July 22, 2013, No. 68, § 3; Nov. 17, 2015, No. 187, § 100.
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 956 - Transition of the Program Promotion of Housing Act (§§ 10721 — 10728) › § 10726 - Rulemaking and executive authority

The Secretary of the Treasury shall establish through regulations, circular letter, or administrative determination the necessary guidelines for the implementation of the provisions of this chapter. The regulatory provisions amended or adopted pursuant to this chapter shall not be subject to the applicable provisions of the Uniform Administrative Procedure Act, §§ 2101 et seq. of Title 3.
The Governor of Puerto Rico may extend, through executive order, the period of any and all the incentives provided under this chapter. Said time extensions may be ordered on or before the day following the corresponding due date.
History —Nov. 1, 2011, No. 216, § 8.
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 956 - Transition of the Program Promotion of Housing Act (§§ 10721 — 10728) › § 10727 - Public interest

This chapter and the program established herein constitute information of public interest. Therefore, the Department of Housing, the Department of Economic Development and Commerce, the Department of the Treasury, the Department of Consumer Affairs, the Housing Financing Authority, the Tourism Company, and any related public agencies, corporations, and instrumentalities are hereby authorized to educate and inform the people about this chapter, the programs and benefits thereunder, and to promote this program outside of Puerto Rico in order to attract purchasers and investors. It is vital and essential that the people be informed about all that pertains to the program established in this chapter and that this program be promoted outside of Puerto Rico in order to maximize its economic stimulus impact.
History —Nov. 1, 2011, No. 216, § 9.
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 956 - Transition of the Program Promotion of Housing Act (§§ 10721 — 10728) › § 10728 - Reports

The Secretary of the Treasury shall file with the Office of the Secretary of the Senate and the Office of the Clerk of the House on March 31st, 2012, August 31st, 2012, and January 31st, 2013, a thorough report on the economic impact, including, but not limited to, the number of persons that have availed themselves of the benefits of this chapter, the number of units sold, and the economic impact of the exemptions provided herein.
History —Nov. 1, 2011, No. 216, § 10.
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 957 - New Housing Surplus Inventory Purchase and Investment Stimulus Act (§§ 10731 — 10738) › § 10731 - Definitions

For purposes of this chapter, the following terms and phrases shall have the meaning stated hereinbelow:
(a) Newly-built property.— Means any newly-built residential real property located in Puerto Rico, suitable for family living, that has not been previously occupied and that is acquired from a developer, or in the absence thereof, from a contractor, when the latter has received such property as payment for resale and not for his/her own private use. In order for a real property to be considered a newly-built property, the seller of such real property shall certify to the acquirer, in writing and through a sworn statement, on or before the acquisition date that the real property is newly-built and has not been previously occupied.
(b) Eligible lessor.— Means any qualified institutional investor or the authorized representative thereof that leases the newly-built property whether long- or short-term.
(c) Code.— Means §§ 30011 et seq. of this title, known as the “Internal Revenue Code for a New Puerto Rico”.
(d) Qualified institutional investor.— Means any juridical person that is a resident of Puerto Rico, or any natural or juridical person that is not a resident of Puerto Rico that either invests in a single act or in separate acts that occur within the term of acquisition and clearly comply with the provisions of this chapter, at least one million dollars ($1,000,000), or that acquires at least five (5) newly-built housing units.
(e) Developer.— Means any natural or juridical person who holds a developer license issued by the Department of Consumer Affairs, that is engaged in the construction business as an entrepreneur or mainly responsible for the promotion, design, sale, development, and construction of single or multistory housing projects and developments; provided, solely for purposes of this chapter, that the term “developer” shall also include any financial institution or other natural or juridical person that by virtue of a judicial proceeding, settlement, agreement of dation in payment, or similar transaction becomes the successor in interest of a developer.
(f) Sale.— Means a contract between two parties, seller and buyer, executed through public deed before a notary public admitted to practice law in Puerto Rico and whereby the title and ownership of real property is transferred for a certain price.
History —Nov. 21, 2011, No. 226, § 2, retroactive to Nov. 1, 2011.
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 957 - New Housing Surplus Inventory Purchase and Investment Stimulus Act (§§ 10731 — 10738) › § 10732 - Tax exemption applicable to income earned on account of residential property rent

(a) Granting of tax exemption.— The income earned by any eligible lessor from the long- or short-term leasing of a residential property acquired pursuant to this chapter shall be fully exempt from Puerto Rico income taxes, including the alternate basic tax and the alternative minimum tax provided in the Code. The tax exemption herein provided shall apply to income earned with respect to leasing contracts entered into after the effective date of this act, including those entered into after December 31st, 2012.
(b) Term of the exemption.— The tax exemption herein provided shall only apply for a maximum term of ten (10) taxable years, beginning on the date of acquisition and ending not later than December 31st, 2021.
(c) The rent earned by any eligible lessor subject to the tax exemption provided herein shall not be subject to the withholding of income taxes at source. The benefits of this section shall apply to eligible taxpayers, regardless of whether they are residents or non-residents of Puerto Rico.
(d) In order to be entitled to claim the tax exemption provided herein, the eligible lessor shall report the rent earned in his/her Puerto Rico income tax return, as well as the physical location of the real property, and shall report the rent as exempt income. Otherwise, the net rent shall be taxed in accordance with the applicable provisions of the Code.
History —Nov. 21, 2011, No. 226, § 3, retroactive to Nov. 1, 2011.
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 957 - New Housing Surplus Inventory Purchase and Investment Stimulus Act (§§ 10731 — 10738) › § 10733 - Exemption on net long-term capital gain

(a) The total net long-term capital gain generated from the sale of a newly-built property acquired by a qualified institutional investor as of November 1st, 2011, but on or before March 31st, 2013, provided that the same was optioned on or before December 31st, 2012, shall be exempt from the payment of income tax in Puerto Rico, including the alternate basic tax and the alternative minimum tax provided in the Code.
(b) Certification from the Department of the Treasury.— Once the information return regarding the sale of a newly-built property is received, the Department of the Treasury shall certify in writing, on or within thirty (30) days to the qualified institutional investor that the real property is newly-built property and that the net long-term capital gain generated from the sale of said property shall be exempt from Puerto Rico income taxes. The taxpayer shall enclose a copy of the certification issued by the Department of the Treasury with the income tax return corresponding to the year of the sale.
(c) General provisions applicable to this section.—
(1) In order to be entitled to claim the net long-term capital gain exemption provided in this section, the taxpayer shall report said gain as exempt in the income tax return corresponding to the year in which the gain was generated. The taxpayer shall enclose a copy of the certification issued by the Department of the Treasury in accordance with this section with his/her income tax return corresponding to the year of the sale.
(2) The benefits provided in this section shall only be available for the first qualified institutional investor that acquires a newly-built property, and shall not apply with respect to any other acquirer in a subsequent transfer.
(3) Payments related to the sale of the real property whose net long-term capital gain is subject to the exemption provided in this section, shall not be subject to withholding of income taxes at source.
(4) The benefits of this section shall apply to eligible taxpayers, regardless of whether they are residents or non-residents of Puerto Rico.
History —Nov. 21, 2011, No. 226, § 4, retroactive to Nov. 1, 2011.
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 957 - New Housing Surplus Inventory Purchase and Investment Stimulus Act (§§ 10731 — 10738) › § 10734 - Exemption from payment of real property tax

Any qualified institutional investor that acquires a newly-built property between November 1st, 2011 and December 31st, 2012 shall be fully exempt for a five (5)-year term from real property taxes imposed in accordance with §§ 5001 et seq. of Title 21, and Act No. 7-2009, with respect to such property. The exemption shall be for a maximum term of five (5) years and shall apply from January 1st, 2012, through December 31st, 2017.
History —Nov. 21, 2011, No. 226, § 5, retroactive to Nov. 1, 2011.
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 957 - New Housing Surplus Inventory Purchase and Investment Stimulus Act (§§ 10731 — 10738) › § 10735 - Exemption from the collection of fees and duties for public instruments

All the parties to a sale effected after November 1st, 2011, but on or before December 31st, 2012, of newly-built properties acquired by qualified investors, shall be exempt from the payment of all kinds of charges on account of internal revenues stamps and vouchers required by law for the execution of public documents and their filing and recording in any public registry of the Government with respect to the constitution of a property into a horizontal property regime, sale, purchase, lease, financing, or mortgage of the newly-built property. In order to claim the exemption, the owner or lessor shall submit a copy of the sworn certification of newly-built property to be issued by the seller of the real property in accordance with § 10731 of this title to the notary public, Registrar, or any other government entity before which the benefits of this exemption are claimed and enclose the same with any document to be filed with the Property Registry.
History —Nov. 21, 2011, No. 226, § 6, retroactive to Nov. 1, 2011.
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 957 - New Housing Surplus Inventory Purchase and Investment Stimulus Act (§§ 10731 — 10738) › § 10736 - Rulemaking authority and executive powers

The Secretary of the Treasury, with the advice of the Director of the Housing Financing Authority, shall establish the necessary guidelines for the implementation of the provisions of this chapter through regulations, circular letter, or administrative determination. The regulatory provisions to be amended or adopted in accordance with this chapter shall not be subject to the applicable provisions of the Uniform Administrative Procedures Act, as amended. The Governor of Puerto Rico may, through an Executive Order, extend the term of some or all of the incentives, as well as the periods of time provided in this chapter to option or acquire an eligible property. The extensions may be directed on or before the day after the date of the corresponding term, provided that such extension shall not exceed one (1) year for each period.
The Department of the Treasury shall certify and report to the Office of Management and Budget any income not earned by the Legal Aid Society as a result of the incentives provided by this chapter. The Office of Management and Budget shall appropriate and transfer to the Legal Aid Society the amount corresponding to the stamp fees not collected as provided in §§ 896—899 of this title, and Act No. 244-2004. The Department shall make said transfer on a quarterly basis on the following month after each quarter of the fiscal year.
History —Nov. 21, 2011, No. 226, § 8, retroactive to Nov. 1, 2011.
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 957 - New Housing Surplus Inventory Purchase and Investment Stimulus Act (§§ 10731 — 10738) › § 10737 - Public interest

This chapter and the program established herein shall constitute information of public interest. Therefore, the Department of Housing, the Department of Economic Development and Commerce, the Department of the Treasury, the Department of Consumer Affairs, the Housing Financing Authority, the Tourism Company, and all those public agencies, corporations, and instrumentalities concerned are hereby authorized to educate and raise the people’s awareness of this chapter, its program, and the benefits thereof, and to promote this program outside Puerto Rico to attract buyers and investors. It is crucial and indispensable for the citizenry to be informed on all that pertains to the program established in this chapter and that the same is promoted abroad to maximize the impact of this economic stimulus.
History —Nov. 21, 2011, No. 226, § 9, retroactive to Nov. 1, 2011.
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 957 - New Housing Surplus Inventory Purchase and Investment Stimulus Act (§§ 10731 — 10738) › § 10738 - Reports

The Secretary of the Treasury shall file with the Office of the Secretary of the Senate and the Office of the Clerk of the House a detailed report on economic impact, which shall include, but not be limited to the number of persons who have availed themselves of the benefits of this chapter, the number of units sold, and the economic impact of the exemptions herein provided. Said report shall be filed as of March 31st, 2012, August 31st, 2012, and January 31st, 2013. This report shall be consolidated with the report corresponding to §§ 10721 et seq of this title, known as the “Housing Market Boost Program’s Transition Act”.
History —Nov. 21, 2011, No. 226, § 10, retroactive to Nov. 1, 2011.
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 981 - Tax Incentives for Communications, Theatre, and Fine Arts (§§ 10801 — 10807) › § 10801 - Definitions

For the purposes of this chapter, the following terms and phrases shall have the meaning stated below:
(a) New programming. — Means all additional time transmitted by a television channel or radio station, and every play, program or artistic performance produced by a person which exceeds the total number of hours transmitted by the channel or radio station, or by a producer [sic] plays, programs or art performances with Puerto Rican performers during the past year, as said term is defined in this chapter.
(b) Past year. — Means the twelve (12) months prior to the date of approval of this act.
(c) Puerto Rican writer or performer. — Means the artist, musician or writer who:
(1) Was born in Puerto Rico or is the son or daughter of a Puerto Rican domiciled in Puerto Rico; or
(2) is a United States citizen domiciled in Puerto Rico, or
(3) is an alien with legal residence in the United States and domiciled in Puerto Rico.
(d) Performer. — Means every singer, dancer, comedian, magician, prestidigitator, folk musician, actor, presenter, announcer, master of ceremonies, model, declaimer or any other person who is engaged, individually or in a group, under the same professional name, to entertain the public through any artistic representation for financial remuneration.
(e) Musician. — Means every person whose work consists of playing a musical instrument or who sings as part of the functions of an orchestra, combo, big band or any other musical group engaged to play in dances, concerts, artistic or musical performances, parties, or to accompany artists, for which they are remunerated.
(f) Artistic performances. — Means and shall include, without it being understood as a limitation, those live or recorded artistic presentations performed by performers or musicians, for which they are remunerated.
(g) Person. — Means any natural or juridical person.
(h) Sponsor. — Means any announcement paid in cash which contributes to the presentation of the program, theatrical production or artistic performance which is run during the radio or television transmission of new programming. It also includes those persons who contribute cash to finance the presentation of a program, artistic performance or theatrical or literary work.
(i) Producer. — Means the person who produces a television or radio program, theatrical play, literary work or artistic performance.
(j) Investor. — Means the person who provides the needed capital to produce television or radio programs, theatrical plays, literary works or artistic performances.
(k) Writer. — Means any person who is engaged in writing as a profession and includes the writers, novelists, poets, dramatists, critics, essayists, librettists, humanists and literati.
History —Aug. 12, 1995, No. 190, § 2, eff. 120 days after Aug. 12, 1995.
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 981 - Tax Incentives for Communications, Theatre, and Fine Arts (§§ 10801 — 10807) › § 10802 - Incentives program

In addition to any other deduction granted by law, the tax incentives established hereinbelow shall be granted to the following persons:
(a) Television channels. — Ten percent (10%) deduction of the net income generated by all new programming which employs ninety percent (90%) or more Puerto Rican performers, [shall be] offered.
(b) Radio stations. — Five percent (5%) deduction of the net income generated by the all programming in which ninety percent (90%) or more Puerto Rican performers are employed.
(c) Producers. — Fifteen percent (15%) deduction of the net income generated by the all programming in which ninety percent (90%) or more Puerto Rican performers are employed.
(d) Sponsors. — Ten percent (10%) deduction of the cost of the advertising or of the cash contribution for all new programming in which ninety percent (90%) or more Puerto Rican performers are employed.
(e) Investors. — Ten percent (10%) exemption on the profits obtained by the investor who finances fifty percent (50%) or more of all new programming in which ninety percent (90%) or more Puerto Rican performers are employed.
(f) Writer. — Exemption of fifty percent (50%) from all the earnings obtained by a writer.
History —Aug. 12, 1995, No. 190, § 3, eff. 120 days after Aug. 12, 1995.
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 981 - Tax Incentives for Communications, Theatre, and Fine Arts (§§ 10801 — 10807) › § 10803 - Minimum programming

Every new television channel, radio station, theatrical play or public performance producer, may take advantage of the benefits herein granted, provided they comply with the minimum programming requirements. For the purposes of this chapter, minimum programming shall mean compliance with at least ninety percent (90%) of the average time used by commercial television channels, radio stations and producers of theatrical plays or artistic performances performed by Puerto Rican performers, or as defined through regulations to such effects.
History —Aug. 12, 1995, No. 190, § 4, eff. 120 days after Aug. 12, 1995.
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 981 - Tax Incentives for Communications, Theatre, and Fine Arts (§§ 10801 — 10807) › § 10804 - Requirements to take advantage of the benefits granted by this chapter

In addition to any other requirements provided through regulations, every person who wishes to take advantage of the benefits granted by this chapter, shall keep a complete and detailed account as to where the revenues and deductions of the regular operations as well as of the new programming are figured. The person shall keep the records and shall certify the status of the benefited Puerto Rican performers, musicians and writers, pursuant to the conditions established in this chapter.
History —Aug. 12, 1995, No. 190, § 5, eff. 120 days after Aug. 12, 1995.
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 981 - Tax Incentives for Communications, Theatre, and Fine Arts (§§ 10801 — 10807) › § 10805 - Regulations

The Secretary of the Treasury, in coordination with the Economic Development Administration and the Puerto Rican Corporation for Public [Broadcasting], shall adopt the regulations needed to implement the provisions of this chapter. These regulations shall be adopted within sixty (60) days, after the effective date of this act.
History —Aug. 12, 1995, No. 190, § 6, eff. 120 days after Aug. 12, 1995.
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 981 - Tax Incentives for Communications, Theatre, and Fine Arts (§§ 10801 — 10807) › § 10806 - Act dissemination

The Secretary of the Treasury, the Economic Development Administration and the Puerto Rican Corporation for Public [Broadcasting], shall be bound to divulge among the citizenry the existence of this chapter, along with its regulations and procedures, to enjoy the exemptions and the benefits granted herein.
History —Aug. 12, 1995, No. 190, § 7, eff. 120 days after Aug. 12, 1995.
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 981 - Tax Incentives for Communications, Theatre, and Fine Arts (§§ 10801 — 10807) › § 10807 - Term and evaluation of the program

The incentives provided in this chapter shall be granted or claimed within the following five (5) taxable years, after the effective date of this act. The fourth (4th) year after the approval of this act, the Administrator of the Economic Development Administration shall create a committee made up of five (5) members. It shall have the task of evaluating the benefits obtained by the performer in terms of the objective of this chapter. The committee shall be integrated by an official of the Department of the Treasury, who shall be its chair, an official of the Puerto Rican Corporation for Public [Broadcasting], an official of the Economic Development Administration and two other members who shall represent the public interest. The representatives of the public interest shall be designated from among the performers, musicians, librettists, producers or writers.
History —Aug. 12, 1995, No. 190, § 8, eff. 120 days after Aug. 12, 1995.
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 982 - Puerto Rico Book Industry Comprehensive Development Incentives (§§ 10811 — 10820) › § 10811 - Definitions

For the purposes of this chapter, the following terms shall have the meaning expressed below:
(a) Authors. — Natural persons who create literary, scientific or artistic works published in book form.
(b) Puerto Rican authors. — Authors born in Puerto Rico or of Puerto Rican descent to the fourth generation.
(c) Code. — The Internal Revenue Code of 1994.
(d) Penal Code. — The Puerto Rico Penal Code.
(e) MRCC (CRIM, Spanish acronym).— The Municipal Revenues Collection Center, §§ 5801—5821 of Title 21.
(f) Designers. — Natural or juridical persons professionally responsible for the total design of the printing, title pages, formats, internal diagramming, illustrations and other aspects of the composition and presentation of books.
(g) Publishers. — Natural or juridical persons who on their own choose and undertake or charge others with the industrial processes for transforming the works created by authors into books.
(h) Government. — The Government of the Commonwealth of Puerto Rico.
(i) Printers. — Natural or juridical persons who, besides being the owners of a graphic arts business, own the industrial facilities and the means needed to produce books.
(j) Booksellers. — Duly authorized natural or juridical persons exclusively or mainly devoted to selling books in commercial establishments freely accessible to the public and those others that sell books directly to the public or through credit, subscription and mailing systems and other similar systems.
(k) Book. — Deemed to be any printed material published as a unit, or periodically published once or at intervals, in one or more volumes or installments of a scientific, cultural or artistic nature.
(l) Translators. — Natural or juridical persons who respond professionally for the translation of a work.
History —Sept. 29, 2004, No. 516, § 2.
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 982 - Puerto Rico Book Industry Comprehensive Development Incentives (§§ 10811 — 10820) › § 10812 - Tax incentives—Authors

Puerto Rican authors shall be exempted from the payment of taxes on the income they receive on account of the copyright of their works for an amount of up to ten thousand dollars ($10,000).
Puerto Rican authors shall provide the Secretary of the Department of the Treasury with all documents the latter shall require through regulations in order to verify and/or certify compliance with the provisions of this chapter.
History —Sept. 29, 2004, No. 516, § 4.
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 982 - Puerto Rico Book Industry Comprehensive Development Incentives (§§ 10811 — 10820) › § 10813 - Tax incentives—Publishers

Any natural or juridical person who operates as publisher and is incorporated in the Commonwealth of Puerto Rico or is authorized to conduct business in our jurisdiction pursuant to the provisions of Act August 10, 1995, No. 144, known as the “General Corporations Act of 1995”, whose economic activity and social purpose is publishing books and whose main office, or the main seat of the company is located in the jurisdiction of the Commonwealth of Puerto Rico, shall enjoy a tax exemption of fifty percent (50%) of the payment of taxes for a period of ten (10) years regarding:
(a) The net income proceeding from the sale or publishing, as the case may be, of books.
(b) The taxes on real or personal property provided it is used for publishing books.
However, any enterprise that operates as publisher, as provided in this section, but whose main office or seat is not located within the jurisdiction of the Commonwealth of Puerto Rico shall have an exemption of ten percent (10%) from the payment of taxes for a period of ten (10) years regarding the preceding subsections (a) and (b) of this section.
Publishers shall submit to the Secretary of the Department of the Treasury and to the CRIM all documents these require through regulations to verify and/or certify that they have complied with the provisions of this chapter.
History —Sept. 29, 2004, No. 516, § 5.
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 982 - Puerto Rico Book Industry Comprehensive Development Incentives (§§ 10811 — 10820) › § 10814 - Tax incentives—Printers

Any natural or juridical person who operates as printer and is incorporated in the Commonwealth of Puerto Rico or is authorized to conduct business in our jurisdiction, according to the provisions of Act August 10, 1995, No. 144, known as the “General Corporations Act of 1995”, and whose economic activity and social purpose is to print books, shall have the following tax benefits:
(a) The paper imported exclusively to print books produced in Puerto Rico shall be free and exempt from the payment of all types of import duties. Imported originals, photographs, graphic arts works, illustrations, cardboard, lithographic plates and inks and processed film, when used exclusively for printing books in Puerto Rico shall be exempted from the payment of any import duties. Imported machinery and equipment used to print books shall be exempted from the payment of any import duties.
(b) Shall be entitled to a tax exemption of ten percent (10%) from the payment of income taxes proceeding from the printing of books in Puerto Rico for a period of ten (10) years.
Printers shall submit to the Secretary of the Department of the Treasury all documents the latter requires through regulations to verify and/or certify that they have complied with the provisions of this chapter.
History —Sept. 29, 2004, No. 516, § 6.
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 982 - Puerto Rico Book Industry Comprehensive Development Incentives (§§ 10811 — 10820) › § 10815 - Tax incentives—Booksellers

All natural or juridical persons who operate as booksellers and devote thirty percent (30%) of the space in their bookstores to, or provide the public with, the exhibition or sale of books by Puerto Rican authors shall have an exemption of fifteen percent (15%) of the total income tax from the sale of books printed in Puerto Rico or books by Puerto Rican authors in their business premises for a period of ten (10) years as of the effective date of this act.
Booksellers shall submit to the Secretary of the Department of the Treasury all documents the latter requires through regulations to verify and/or certify that they have complied with the provisions of this chapter.
History —Sept. 29, 2004, No. 516, § 7.
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 982 - Puerto Rico Book Industry Comprehensive Development Incentives (§§ 10811 — 10820) › § 10816 - Tax incentives—Designers and translators

Designers and translators shall be exempted from the payment of taxes on the income they receive for their work in the production of books for an amount of up to six thousand dollars ($6,000.00).
Designers and translators shall submit to the Secretary of the Department of the Treasury all documents the latter requires through regulations to verify and/or certify that they have complied with the provisions of this chapter.
History —Sept. 29, 2004, No. 516, § 8.
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 982 - Puerto Rico Book Industry Comprehensive Development Incentives (§§ 10811 — 10820) › § 10817 - Accounting

Those natural or juridical persons who avail themselves of the exemption provided by this chapter shall maintain in Puerto Rico an accounting system that clearly indicates the gross income, expenses and other deductions regarding the incentives herein provided. They shall also include as an attachment to their income tax returns and to their personal property tax returns, a statement on the losses and earnings from the operations exempted by this chapter and a breakdown of all personal property exempted by this chapter.
History —Sept. 29, 2004, No. 516, § 9.
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 982 - Puerto Rico Book Industry Comprehensive Development Incentives (§§ 10811 — 10820) › § 10818 - Regulations

The Department of the Treasury and CRIM are hereby authorized to draft and promulgate those rules and regulations that contain the mechanisms needed to ensure the proper and diligent implementation of the benefits and requirements established in this chapter. The Department of the Treasury and CRIM shall consult the Department of State, the Institute of Puerto Rican Culture and the Department of Education prior to the presentation of the regulations herein provided.
All natural or juridical persons who avail themselves of the benefits provided by this chapter, must annually file with the Department of the Treasury and/or CRIM, as the case may be, on or before the last day of their tax year, a certification and/or verification, as provided by said agencies by regulations, indicating that they have met the requirements of this chapter.
History —Sept. 29, 2004, No. 516, § 10.
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 982 - Puerto Rico Book Industry Comprehensive Development Incentives (§§ 10811 — 10820) › § 10819 - Penalties

All natural or juridical persons who provide false information for the purpose of availing themselves of the incentives provided by this chapter, or who without authorization publish or reproduce books or violate or incite violation of these provisions, shall be sanctioned with the penalty of imprisonment of not less than thirty (30) days nor of more than six (6) months or with a fine of not less than five hundred dollars ($500) nor of more than one thousand dollars ($1,000), or with both penalties at the discretion of the court.
However, the Secretary of the Treasury is authorized to establish through regulations, according to the provisions of §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedures Act of the Commonwealth of Puerto Rico”, those administrative fines or other penalties he/she may deem pertinent.
History —Sept. 29, 2004, No. 516, § 11.
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 982 - Puerto Rico Book Industry Comprehensive Development Incentives (§§ 10811 — 10820) › § 10820 - Relation to other laws

The present chapter establishes the public policy on taxation over the book industry in Puerto Rico, which shall govern over any other law or legislation related to this matter. The Internal Revenue Code of 1994, as well as any other applicable laws shall be amended according to these provisions. However, they may be used in a supplementary manner regarding all matters that do not contradict what has been set forth in this chapter.
History —Sept. 29, 2004, No. 516, § 12.
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 983 - Act to Promote the Export of Services (§§ 10831 — 10844) › § 10833 - Taxes on personal or real property

(a) In general.—
(1) Except as provided in clause (1) of this subsection, the personal or real property of an eligible business under the provisions of clauses (5), (8), (12) and (13) of subsection (k) of § 10831 of this title, used in the operation of the activity covered by a decree, shall enjoy a ninety percent (90%) exemption from municipal and state taxes during the exemption period set forth in § 10836 of this title.
(2) The personal and real property of an eligible business described in clauses (5), (8), (12) and (13) of subsection (k) of § 10831 of this title shall be fully exempt from personal and real property taxes during the first five (5) years counting from the date it began operations.
(b) Other rules.— Taxes on personal and real property shall be appraised, levied, notified, and administered pursuant to §§ 5001 et seq. of Title 21, known as the “Municipal Property Tax Act”.
History —Jan. 17, 2012, No. 20, § 5; Oct. 13, 2014, No. 173, § 17.
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 983 - Act to Promote the Export of Services (§§ 10831 — 10844) › § 10833a - Municipal licenses and other municipal taxes

(a) Any exempt business holding a decree under this chapter shall enjoy a sixty percent (60%) exemption from the municipal licenses or taxes applicable to the volume of business of said exempt business during the semester of the fiscal year of the Government in which the exempt business begins operations in any municipality and subsequent semesters for the term of the decree, in accordance with the provisions of the “Municipal License Act of 1974”, as amended. Provided, That in the case of an exempt business that has been operating prior to applying for the benefits of this chapter, the date of commencement of operations for purposes of municipal licenses shall be the first day of the semester following the date on which the application for tax exemption was filed.
(b) Notwithstanding the provisions of subsection (a) of this section, an exempt business under this chapter operating in a special industrial development zone constituted by the municipalities of Vieques and Culebra shall enjoy a ninety percent (90%) exemption.
History —Jan. 17, 2012, No. 20, added as § 6 on July 11, 2012, No. 138, § 5.
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 983 - Act to Promote the Export of Services (§§ 10831 — 10844) › § 10834 - Distributions

(a) General rule.— Shareholders, partners, or members of an eligible business that holds a decree granted under this chapter shall not be subject to income tax on distributions of dividends or benefits from utilities and benefits arising from income from the export of services of said eligible business.
Subsequent distributions of utilities and benefits arising from income from the export of services carried out by any entity shall also be exempt from all taxes.
(b) Coordination with the Code.— Distributions described in subsection (a) of this section shall be excluded from:
(1) The net income subject to the alternate basic tax of an individual for the purposes of § 30062(a)(2) of this title.
(2) The alternative minimum net income of a corporation for the purposes of § 30073(c)(1) of this title.
(3) The adjusted net income according to the books of a corporation for the purposes of § 30074(b)(1) of this title.
(c) Imposition of exempt distributions.— Distributions of dividends or benefits made by an eligible business that holds a decree granted under this chapter, even after said decree has expired, shall be deemed made from income derived from the export of services if, at the time of the distribution, it does not exceed the undistributed balance of utilities and benefits accrued and arising from income derived from the export of services, unless said eligible business, at the time of the statement, chooses to distribute, totally or partially, the dividend or benefit of other utilities or benefits. The amount, year of accrual, and nature of the distribution made from the utilities and benefits arising from income from the export of services shall be that which is designated by said business, eligible through a notice sent, together with the payment, to shareholders, members, or partners and to the Secretary of the Treasury, in an information statement, not later than February 28 of the year following the distribution.
In the case of corporations, limited liability companies, or partnerships that, on the date of the beginning of operations as eligible businesses, have utilities or benefits accrued, the distribution of dividends or benefits made as of that date shall be deemed to have been made from the undistributed balance of such utilities or benefits, but once such balance is exhausted by such distributions, the provisions of the first paragraph of this subsection shall apply.
History —Jan. 17, 2012, No. 20, § 6;, renumbered as § 7 on July 11, 2012, No. 138, § 6.