reglab/statecodes huggingface dataset:
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1022 - Decedent’s Estate; Residents of Puerto Rico (§§ 31011 — 31044) › Subchapter C - Taxable Decedent’s Estate (§§ 31031 — 31038) › § 31036 - Taxation of decedent’s estates belonging to certain United States residents who are Puerto Rico residents

(a) As for United States citizens who are Puerto Rico residents at the time of their death, whose gross estate, wherever located, is included in their gross decedent’s estate for purposes of the tax on decedent’s estates imposed by the United States Internal Revenue Code, a tax shall be imposed on that portion of the gross decedent’s estate located in Puerto Rico equal to the maximum credit computed in § 2014(b)(2) of such Code. In determining the portion of such gross decedent’s estate located in Puerto Rico, the rules contained in §§ 31063, 31064 and 31065 of this title shall be used.
(b) If the gross estate of the decedent referred to in subsection (a) has not been included in his/her gross estate for the purposes set forth in said subsection, the taxes on such estate, wherever located, shall be determined pursuant to the provisions of § 31011 of this title.
History —Jan. 31, 2011, No. 1, § 2023.06, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1022 - Decedent’s Estate; Residents of Puerto Rico (§§ 31011 — 31044) › Subchapter C - Taxable Decedent’s Estate (§§ 31031 — 31038) › § 31037 - Deduction for farming, poultry or animal husbandry industries

(a) When dealing with taxable gross estates and the decedent has earned for three (3) years before the date of his/her death over fifty percent (50%) of his/her net income from farming, poultry or animal husbandry industries, one hundred percent (100%) of the value of such properties which constitute active units of farming, poultry or animal husbandry production shall be deductible, insofar as such properties remain as active production units for a period of not less than ten (10) years from the time of death of the decedent.
(b) Taxes deferred pursuant to this section shall constitute a preferred lien in favor of the Government of Puerto Rico on transferred properties eligible for the one hundred percent (100%) deduction above. This lien shall originate at the time of death of the decedent and shall be preferred over all other debts, credits or obligations of any kind which originate on or after the time of death and shall remain effective for a period of ten (10) years as long as the properties continue to be active production units. At the end of the ten (10) year term, the property shall be fully exempt from payment of taxes on gross decedent’s estates.
(c) The Secretary of Agriculture shall certify annually to the Secretary that the eligible unit is an active farming, poultry or animal husbandry production unit.
(d) The exemption granted under this section may be claimed together with the deductions established in § 31034 of this title.
History —Jan. 31, 2011, No. 1, § 2023.07, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1022 - Decedent’s Estate; Residents of Puerto Rico (§§ 31011 — 31044) › Subchapter C - Taxable Decedent’s Estate (§§ 31031 — 31038) › § 31038 - Fixed exemption

(a) In computing taxes on taxable gross decedent’s estates under this part, the same shall be deducted from the value of the sum of one million dollars ($1,000,000). This deduction shall be claimed before the deduction on property located in Puerto Rico as provided in § 31032 of this title; Provided, further, That the fixed deduction provided under this subsection shall be prorated among all assets included in the gross decedent’s estate by using as base their fair market value.
History —Jan. 31, 2011, No. 1, § 2023.08, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1022 - Decedent’s Estate; Residents of Puerto Rico (§§ 31011 — 31044) › Subchapter D - Credits Against Taxes (§§ 31041 — 31044) › § 31043 - Recovery of taxes claimed as credit

If any amount claimed as a credit in § 31042 of this title is in any way recovered, the executor or any other person or persons recovering such amount shall give written notice of such recovery to the Secretary within thirty (30) days after the date on which the recovery was received or credited. Notwithstanding the provisions in §§ 33001 et seq. of this title, regarding the prescriptive term for the assessment and collection of the taxes imposed by this part, the Secretary shall redetermine the amount of the tax under this chapter, and the tax due on such determination shall be paid by the executor or by such person or persons, as the case may be, on notice and demand by the Secretary. No interest shall be assessed or collected on the tax due on any redetermination by the Secretary under this section for any period before the receipt or credit of such refund, except up to the total sum of interest paid by such other country, state or possession on such refund.
History —Jan. 31, 2011, No. 1, § 2024.03, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1022 - Decedent’s Estate; Residents of Puerto Rico (§§ 31011 — 31044) › Subchapter D - Credits Against Taxes (§§ 31041 — 31044) › § 31044 - Credit to liable taxpayer

(a) In general.— The total sum of the taxes imposed by § 31011(a) of this title reduced by the credits provided in §§ 31041 and 31042 of this title shall be credited against such taxes, insofar as:
(1) At the time of his/her death, the decedent has no debts pending payment on account of tax liabilities, and
(2) the executor meets the payments, within the terms established by law, of the tax liabilities payable after the time of death of the decedent.
(b) Tax liability.— For purposes of this section, the term “tax liability” shall include all taxes imposed by this Code, under the Puerto Rico Internal Revenue Code of 1994, or under any preceding laws of a similar nature, as well as the taxes imposed by §§ 5001 et seq. of Title 21, known as the “Municipal Property Tax Act”, or any succeeding law superseding it, and the taxes imposed by §§ 651 et seq. of Title 21, known as the “Municipal License Tax Act”. The term “tax liability” shall also include those taxes applicable to a corporation or partnership, when the decedent holds over ten percent (10%) of stock (by value or voting stock) in such corporation or partnership.
(c) For purposes of the credit provided in this section, it shall be understood that, at the time of death, the decedent did not have any debts pending payment on account of taxes if the total amount of such taxes does not exceed the lesser of one percent (1%) of the decedent’s gross estate or five thousand dollars ($5,000).
History —Jan. 31, 2011, No. 1, § 2024.04, retroactive to Jan. 1, 2011; Dec. 10, 2011, No. 232, § 126.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1023 - Decedent’s Estates Belonging to Puerto Rico Nonresidents (§§ 31061 — 31069) › § 31061 - Imposition and payment of taxes

(a) Imposition. — Except as provided in § 31067 of this title, a tax shall be imposed, which shall be computed pursuant to § 31011 of this title on the transfer of taxable gross estates, as defined in § 31066 of this title, of any decedent who at the time of his/her death was an alien and a Puerto Rico alien nonresident, except when the gross estate of the nonresident alien (who is not domiciled in Puerto Rico) is subject to taxes in his/her country, in which case, in lieu of the taxes imposed by § 31011 of this title, a tax equal to the maximum tax credit that the country of origin has granted on the estate of the nonresident alien (not domiciled in Puerto Rico) shall be imposed and paid on property located in Puerto Rico, after presenting a certificate of the credit granted by the government of the country of origin.
(b) Duty to pay taxes. — The taxes imposed by this section shall be paid by the executor, and if such taxes or any portion thereof were not paid on or before the due date therefor, the heir, legatee or beneficiary of any transfer shall be personally liable, with all his/her property, for the payment of the taxes thus imposed up to the amount of the value of the property transferred.
History —Jan. 31, 2011, No. 1, § 2030.01, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1023 - Decedent’s Estates Belonging to Puerto Rico Nonresidents (§§ 31061 — 31069) › § 31062 - Credits against taxes

The amounts determined as credits for taxes on prior transfers pursuant to § 31041 of this title shall be credited against the taxes imposed by § 31061 of this title.
History —Jan. 31, 2011, No. 1, § 2030.02, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1023 - Decedent’s Estates Belonging to Puerto Rico Nonresidents (§§ 31061 — 31069) › § 31063 - Definition of gross decedent’s estate

For purposes of taxes imposed by §§ 31061 and 31067 of this title, the value of the gross estate of a decedent who is a Puerto Rico nonresident shall be that portion of his/her gross estate (to be determined as provided in § 31021 of this title) located in Puerto Rico at the time of his/her death.
History —Jan. 31, 2011, No. 1, § 2030.03, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1023 - Decedent’s Estates Belonging to Puerto Rico Nonresidents (§§ 31061 — 31069) › § 31064 - Property located in Puerto Rico

(a) Stock in domestic corporations and partnerships. — For purposes of this subchapter, stock certificates, as these are defined in § 31002(a)(1) of this title, issued by domestic corporations or partnerships, belonging or held by a Puerto Rico nonresident, shall be deemed to be property located in Puerto Rico.
(b) Transfer inter vivos. — For purposes of this subchapter, any property in connection with which a decedent who is a Puerto Rico nonresident has made a transfer, within the meaning of § 31021(b) or (c) of this title, shall be deemed to be property located in Puerto Rico, if in fact it is located in Puerto Rico on the date of transfer or at the time of death of the decedent.
(c) Debentures. — For purposes of this subchapter:
(1) Bonds, notes or other obligations:
(A) Issued by:
(i) The Government of Puerto Rico,
(ii) municipalities located within the jurisdiction of the Government of Puerto Rico;
(iii) public authorities or corporations of the Government of Puerto Rico and its municipalities; or
(B) Of a Puerto Rico resident other than a domestic corporation or partnership, belonging to or held by a Puerto Rico nonresident shall be deemed to be property located in Puerto Rico.
(C) Notwithstanding the provisions of this paragraph, the debentures contemplated in subparagraphs (i) — (iii) of paragraph (A) of this clause, issued for money taken on a loan, when both the decedent and the heir are Puerto Rico nonresidents, shall be deemed to be property located outside Puerto Rico.
(2) Bonds, notes or other debentures of a domestic corporation or partnership, shall be deemed to be property located in Puerto Rico.
(d) Subsection (c) shall not apply when the interest on such debentures, if received by the decedent who was a Puerto Rico nonresident as of the time of his/her death, were to be, by virtue of the provisions of § 30152 of this title deemed to be income from sources outside Puerto Rico or when the provisions of § 31065(b) of this title apply.
History —Jan. 31, 2011, No. 1, § 2030.04, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1023 - Decedent’s Estates Belonging to Puerto Rico Nonresidents (§§ 31061 — 31069) › § 31065 - Property located outside Puerto Rico

For purposes of this subchapter:
(a) Annuities and individual retirement accounts. — The amounts receivable by reason of annuity contracts and individual retirement accounts not eligible under §§ 33001 et seq. of this title shall be deemed to be property located outside Puerto Rico.
(b) Certain bank deposits and other items:
(1) Deposits with persons engaged in the banking business in Puerto Rico.
(2) Deposits or savings accounts in savings and loan associations or similar institutions doing business in Puerto Rico.
(3) Amounts withheld by an insurance company doing business in Puerto Rico under an agreement whereby interest is to be paid on such amounts, payable to a Puerto Rico nonresident, shall be deemed to be property located outside Puerto Rico if, at the time of death of the decedent, the interest on such deposits or amounts were not effectively connected with a trade or business in Puerto Rico.
(c) Works of art. — Works of art owned by a Puerto Rico nonresident shall be deemed to be property located outside Puerto Rico, if such works of art are:
(1) Imported into Puerto Rico solely for exhibition purposes;
(2) loaned for such purposes to a public museum or gallery, insofar as no part of the net earnings of which inure to the benefit of any stockholder or private individual, and
(3) at the time of death of the owner, such works were on exhibition or en route to or from exhibition in such public museum or gallery.
History —Jan. 31, 2011, No. 1, § 2030.05, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1023 - Decedent’s Estates Belonging to Puerto Rico Nonresidents (§§ 31061 — 31069) › § 31067 - Taxation of decedent’s estates of certain United States citizens who are Puerto Rico nonresidents

(a) As for United States citizens who are Puerto Rico nonresidents at their time of death, whose gross estate located in Puerto Rico is included in their gross estates for purposes of estate taxes imposed by the United States Internal Revenue Code, a tax shall be imposed on that portion of the gross decedent’s estates located in Puerto Rico equal to the maximum credit computed in § 2014(b)(2) of such Code. In determining such credit, the value to be assigned to properties located in Puerto Rico shall be the value determined by the Secretary for such purposes, pursuant to the provisions of § 31022 of this title.
(b) If the gross estate of the decedent referred to in subsection (a) has not been included in his/her gross estate for purposes stated in said subsection, the taxes on the portion of such estate which is located in Puerto Rico shall be determined pursuant to the provisions of § 31061 of this title.
History —Jan. 31, 2011, No. 1, § 2030.07, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1023 - Decedent’s Estates Belonging to Puerto Rico Nonresidents (§§ 31061 — 31069) › § 31068 - Deduction on estates invested or to be invested in activities conductive to greater development in the economy of Puerto Rico

(a) Gross decedent’s estates of the persons listed below shall be entitled to the deduction allowed under § 31034(a) of this title:
(1) From those Puerto Rico nonresidents not required to pay, in any jurisdiction outside Puerto Rico, estate taxes in connection with the value of the investments referred to in said section;
(2) from those Puerto Rico nonresidents who, due to the laws of their country of residence, are not able to claim as a deduction or as credit against estate taxes paid in said country, the taxes that would be imposed in Puerto Rico on such investments, or
(3) from those Puerto Rico nonresidents who, due to the laws of their country of residence, are only able to partially claim as a deduction or as a credit against estate taxes payable in said country, the taxes that would be imposed in Puerto Rico on the value of such investments.
(b) The deduction provided under § 31034(a) of this title shall only apply to that portion of the estate tax which can be imposed in Puerto Rico on said investments that is not deductible or creditable against estate taxes to be paid in said country on such investments.
(c) In order for any person to be entitled to avail him/herself of the provisions of subsections (a) and (b), he/she shall file together with his/her tax return any documents as the Secretary may require by regulation. If such person fails to submit the documents required taxes shall be determined without taking into consideration the deduction allowed under this section. If proven to the satisfaction of the Secretary that such person is entitled to this deduction, the appropriate refund shall be made after the requirements established under §§ 33001 et seq. of this title have been met.
History —Jan. 31, 2011, No. 1, § 2030.08, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1023 - Decedent’s Estates Belonging to Puerto Rico Nonresidents (§§ 31061 — 31069) › § 31069 - Fixed exemption

(a) The sum of ten thousand dollars ($10,000) shall be exempt from the gross estate of any decedent who is not a United States citizen.
(b) As for United States citizens who are Puerto Rico nonresidents, whose decedent’s estate is subject to taxes imposed by § 31061 of this title, the exemption shall be the greater amount between:
(1) The sum of thirty thousand dollars ($30,000), or
(2) the amount resulting from the proportion between the value of the joint gross estate of the decedent subject to estate taxes in both jurisdictions, multiplied by sixty thousand dollars ($60,000).
The maximum exemption determined under this section shall be granted only if, in addition to the tax return required in § 31121 of this title, a certified copy of the estate tax return, as liquidated, or the release from the requirement of filing the same or from paying taxes in the appropriate jurisdiction, is submitted.
History —Jan. 31, 2011, No. 1, § 2030.09, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1024 - Gift Tax (§§ 31081 — 31105) › Subchapter A - Determination of the Tax Obligation (§§ 31081 — 31084) › § 31081 - Imposition and rate of tax

(a) There shall be imposed for each calendar year, a tax computed pursuant to the provisions of this section on any transfer of property by gift, made during such calendar year, regardless of whether the person making such gift is a Puerto Rico resident or nonresident.
(b) Tax computation. — The tax imposed by this section for each calendar year shall be based on a ten percent (10%) tax rate, using as base to determine such tax the fair accrued market value of taxable gifts made during the calendar year for which the tax is being computed.
History —Jan. 31, 2011, No. 1, § 2041.01, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1024 - Gift Tax (§§ 31081 — 31105) › Subchapter A - Determination of the Tax Obligation (§§ 31081 — 31084) › § 31082 - Duty to pay taxes and keep records

(a) Duty to pay taxes. — The tax imposed by § 31081 of this title shall be paid by the donor, and if such tax or any portion thereof is not paid on or before the due date therefor, the person receiving the gift shall also be personally liable, with all his/her property, for such tax up to the total sum of the value of the gift received by him/her.
(b) Requirement to keep records. — All donors shall be required to keep and preserve documents relative to any gifts made, as well as the receipts for taxes paid, for a period of four (4) years from the date on which the tax return was filed or the due date to file the same, including time extensions, whichever is the later date.
History —Jan. 31, 2011, No. 1, § 2041.02, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1024 - Gift Tax (§§ 31081 — 31105) › Subchapter A - Determination of the Tax Obligation (§§ 31081 — 31084) › § 31083 - Definition of taxable gifts

(a) General definition. — Taxable gift means the amount of gifts made during a calendar year, minus deductions and exemptions established in §§ 31091—31105 of this title.
(b) Excluded gifts. — For purposes of subsection (a), the first ten thousand dollars ($10,000) given as a gift to each person in each calendar year shall be excluded from the amount of gifts. This exclusion shall not apply if the amount of the gift consists of future interests. For purposes of this section, in the case of married individuals, each spouse shall be entitled to the exclusion provided herein.
History —Jan. 31, 2011, No. 1, § 2041.03, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1024 - Gift Tax (§§ 31081 — 31105) › Subchapter A - Determination of the Tax Obligation (§§ 31081 — 31084) › § 31084 - Credit for gift taxes paid in another jurisdiction

There shall be credited against the tax imposed by § 31081 of this title, the amount of any gift tax actually paid to the United States of America, or to any foreign country, in connection with any property, wherever located, whose value has been determined pursuant to the provisions of this subchapter and has been included in the total sum of taxable gifts. The credit provided in this section shall be allowed and computed under all conditions, provisions and limitations provided in § 31092 of this title in the same way as if the gift had been a transfer by inheritance or legacy and the tax for which credit is being claimed had been a tax on decedent’s estate, succession or inheritance, except that the credit provided in this section shall be allowed and determined without limitation as to whether the property is located in the United States of America or in another foreign country where such tax is paid.
History —Jan. 31, 2011, No. 1, § 2041.04, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1024 - Gift Tax (§§ 31081 — 31105) › Subchapter B - The Term “Gift” (§§ 31091 — 31105) › § 31091 - Definition of gift

(a) In general.— The value of gifts, for purposes of this chapter, shall include, in the case of a donor who is a Puerto Rico resident, the value of any property, wherever located, that such donor transfers by gift to another person. As for persons making gifts who are Puerto Rico nonresidents, such term shall include any property that such donors transfer in the form of a gift, only if such property is located in Puerto Rico pursuant to the provisions established in subsection (b).
(b) Property located in Puerto Rico.— For purposes of this chapter, the following shall be deemed to be property located in Puerto Rico:
(1) Any property of a nonresident that is in fact located in Puerto Rico;
(2) Shares.— All shares issued by a domestic corporation or partnership, other than an international insurer or an international insurer holding company that complies with § 4304 of Title 26, and
(3) Any intangible property physically located in Puerto Rico, except: (i) bonds, notes or other obligations issued or to be issued by the Government of Puerto Rico or its municipalities, or by public authorities or corporations of either the Government or the municipalities, for money taken on loan when both the person making the gift and the person receiving the gift are nonresidents of Puerto Rico; (ii) bonds, notes and other debt obligations issued by an international insurer or an international insurer holding company that complies with § 4304 of Title 26; (iii) the value or proceeds of any insurance policy or annuity contract issued by an international insurer; and (iv) the value of the premium payments made directly or indirectly with respect to said policy or contract when both the person making the gift and the person receiving the gift are nonresidents of Puerto Rico. The location of these bonds, notes or other obligations shall not be taken into account when determining whether this exemption applies.
(c) Valuation of property transferred in the form of a gift.— For purposes of this chapter, the value of the property, possessions or rights transferred by gift, subject to be appraised pursuant to this part, shall be the market value of these on the date of the transfer as such value may be determined in § 31022 of this title for each particular case.
History —Jan. 31, 2011, No. 1, § 2042.01, retroactive to Jan. 1, 2011; June 20, 2011, No. 98, § 12.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1024 - Gift Tax (§§ 31081 — 31105) › Subchapter B - The Term “Gift” (§§ 31091 — 31105) › § 31093 - Purely gratuitous, onerous, and remunerative gifts

(a) In general. — In determining the value of gifts, purely gratuitous as well as onerous gifts, as defined in the Civil Code of Puerto Rico, shall be both included. Notwithstanding the foregoing provisions, of the value of remunerative gifts made for services rendered to the donor, the gift shall only be deemed to be that portion of the value thereof that exceeds the amount that is properly includible in the gross income of the person receiving the gift under §§ 30041 et seq. of this title.
(b) Special rules for onerous gifts. — For purposes of the taxes imposed by this chapter, the market value of the obligation imposed on the person receiving the gift on the date the gift is made, shall be excluded from the value of onerous gifts. No amount whatsoever shall be excluded from such obligation if the person receiving the gift is a relative of the transferor up to the third degree of consanguinity or the second degree of affinity.
History —Jan. 31, 2011, No. 1, § 2042.03, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1024 - Gift Tax (§§ 31081 — 31105) › Subchapter B - The Term “Gift” (§§ 31091 — 31105) › § 31094 - Payment of obligations belonging to another person

The amount paid by a person (who shall be the donor) to satisfy in whole or in part any obligation for which another person (who shall be the person receiving the gift) is responsible, shall be deemed to be a gift, insofar as there is no sufficient consideration in money or its equivalent, when making such payment.
History —Jan. 31, 2011, No. 1, § 2042.04, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1024 - Gift Tax (§§ 31081 — 31105) › Subchapter B - The Term “Gift” (§§ 31091 — 31105) › § 31095 - Discharge of indebtedness

The value of debts discharged in whole or in part by the creditor (who shall be the donor) in favor of the debtor (who shall be the person receiving the gift) shall be included in the total sum of the gifts, insofar as there is no sufficient consideration in money or its equivalent, and insofar as such debt discharge does not constitute taxable income for purposes of §§ 30041 et seq. of this title. The cancelling of debts that are actually bad debts shall not be deemed to be a gift for purposes of this chapter.
History —Jan. 31, 2011, No. 1, § 2042.05, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1024 - Gift Tax (§§ 31081 — 31105) › Subchapter B - The Term “Gift” (§§ 31091 — 31105) › § 31096 - Transfers in trusts

The value of any property transferred in trust shall be included in the total sum of gifts insofar as there is no sufficient consideration in money or its equivalent was involved in said transfer.
History —Jan. 31, 2011, No. 1, § 2042.06, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1024 - Gift Tax (§§ 31081 — 31105) › Subchapter B - The Term “Gift” (§§ 31091 — 31105) › § 31097 - Property transfer for less than its value

When a property is transferred for less than its value, that amount which constitutes the difference between the property value and its price, paid in money or its equivalent, shall be included in the total sum of gifts. For purposes of this chapter, the donor shall be the assignor of the property and the person receiving the gift shall be the acquirer of such property, as established in this section. In such cases, the assignor shall be required to evince with legitimate proof that the sales price was the property’s fair market value on the date of the transaction.
History —Jan. 31, 2011, No. 1, § 2042.07, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1024 - Gift Tax (§§ 31081 — 31105) › Subchapter B - The Term “Gift” (§§ 31091 — 31105) › § 31098 - Insurance policy transfers

The value of any insurance policy or annuity contract, payable on a fixed date, transferred or assigned with no sufficient consideration in money or its equivalent involved, shall be included in the total sum of gifts. The payments of premiums of any kind of insurance which have been made directly or indirectly on behalf or in representation of any policy holder shall also be included. For purposes of this section, the policy holder shall be deemed to be the person who signed the policy agreement or who holds or has control over the same.
History —Jan. 31, 2011, No. 1, § 2042.08, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1024 - Gift Tax (§§ 31081 — 31105) › Subchapter B - The Term “Gift” (§§ 31091 — 31105) › § 31099 - Benefits from certain life insurance policies

Except in cases in which the proceeds of any insurance policy are included in the gross estate of a decedent, the proceeds of any policy shall be a gift if the person paying the premiums on such policy is not the same person who receives the policy proceeds when the same is liquidated. In these cases, the policy beneficiaries shall be required to pay the appropriate taxes.
History —Jan. 31, 2011, No. 1, § 2042.09, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1024 - Gift Tax (§§ 31081 — 31105) › Subchapter B - The Term “Gift” (§§ 31091 — 31105) › § 31100 - Joint responsibility in connection with marital asset gifts

The marital property, with its assets, as well as both spouses with their private property, shall be severally responsible for the taxes imposed by § 31081 of this title, in connection with property given as gifts, which is part of the marital community property.
History —Jan. 31, 2011, No. 1, § 2042.10, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1024 - Gift Tax (§§ 31081 — 31105) › Subchapter B - The Term “Gift” (§§ 31091 — 31105) › § 31101 - Transfers made by persons over the age of sixty-five (65)

Any transfer made by a person over the age of sixty-five (65) in favor of his/her ancestors, his/her progeny or any other person as a natural demonstration of his/her liberality, shall be deemed to be a gift, unless the taxpayer shows that the transfer thus made involved sufficient consideration in money or its equivalent and that such consideration was derived, whether directly or indirectly, from the acquirer’s income or property.
History —Jan. 31, 2011, No. 1, § 2042.11, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1024 - Gift Tax (§§ 31081 — 31105) › Subchapter B - The Term “Gift” (§§ 31091 — 31105) › § 31102 - Other gifts includible in the decedent’s estate

If pursuant to the last sentence of § 31021(a) of this title a gift made not later than the time of death of the donor were not to be reported and paid for as provided under such section, then said gift shall be included in the gross estate of the donor, assigning to such gift the value it had at the time of death of the donor.
History —Jan. 31, 2011, No. 1, § 2042.12, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1024 - Gift Tax (§§ 31081 — 31105) › Subchapter B - The Term “Gift” (§§ 31091 — 31105) › § 31103 - Special deduction for gifts made to disabled children

In determining the value of taxable gifts for each calendar year, an annual deduction on the first five thousand dollars ($5,000) that the donor transfers to each one of his/her children, whether born in wedlock, out of wedlock or adopted, who has been ruled to be permanently disabled by a competent court, shall be allowed in addition to all other deductions allowed under this part.
History —Jan. 31, 2011, No. 1, § 2042.13, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1024 - Gift Tax (§§ 31081 — 31105) › Subchapter B - The Term “Gift” (§§ 31091 — 31105) › § 31104 - Special deduction for gifts made for educational purposes and medical expenses

In determining the value of taxable gifts for each calendar year, in addition to all other deductions allowed under this part, there shall be allowed an annual deduction on the amount paid:
(a) To an educational organization that normally maintains a permanent faculty and curriculum and that normally has students regularly enrolled that attend the place where the institution regularly carries out its educational purposes, to cover tuition for the education or training of an individual; or
(b) To any person or entity that offers medical assistance, to cover the expenses incurred by an individual for such assistance. For purposes of this subsection, the term “medical assistance” means:
(1) The diagnosis, cure, mitigation, treatment or prevention of diseases.
(2) Any medical intervention affecting any bodily structure or function.
(3) Transportation expenses incurred primarily and which are essential to meet the provisions in clauses (1) and (2).
(4) Amounts paid by insurance which cover the medical assistance mentioned above.
(c) Limitation. — The deduction provided in this section shall not be allowed in those cases in which the amount has been paid to cover the expenses of an individual with whom the donor has an obligation to provide support.
History —Jan. 31, 2011, No. 1, § 2042.14, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1024 - Gift Tax (§§ 31081 — 31105) › Subchapter B - The Term “Gift” (§§ 31091 — 31105) › § 31105 - Deduction of gifts made for public, charitable, and religious purposes

(a) Puerto Rico Residents. — When computing the value of taxable gifts for the calendar year, a deduction shall be allowed to donors who are Puerto Rico residents, on all gifts made during said calendar year to or for the use of any of the entities or organizations mentioned in § 31035 of this title and subject to the rules and limitations established thereunder.
(b) Puerto Rico nonresidents. — When computing the value of taxable gifts for the calendar year, a deduction shall be allowed to donors who are Puerto Rico nonresidents, on all gifts made during said calendar year to or for the use of any of the entities or organizations mentioned in § 31066(a)(2) of this title and subject to the rules and limitations established thereunder.
History —Jan. 31, 2011, No. 1, § 2042.15, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1025 - Tax Returns, Payment of Taxes, Procedure and Administration (§§ 31121 — 31176) › Subchapter A - Tax Returns and Payment of Taxes (§§ 31121 — 31131) › § 31122 - Tax returns and information statements in connection with taxes on gifts

(a) Tax return to be filed by donor. — Any person who in any calendar year makes any gift in excess of the ten thousand dollars ($10,000) annual exemption per person receiving the gift as provided in § 31083(b) of this title shall, not later than January 31 of the year following the calendar year in which the gift was made, file with the Secretary a tax return under oath, observing such requirements and such manner as the Secretary may provide by regulation, circular letter, informational bulletin, or administrative determination, and reporting the amount thereof and the taxes to be paid. Notwithstanding the foregoing provisions, such tax return shall be required in all cases in which the gift is real property. When the gift is made out of marital community property, the tax return shall be signed by both spouses for purposes of applying § 31100 of this title. Otherwise, the gift shall be taken to be made out of any marital community property or private asset of the spouse making the gift.
(b) Information statement by person receiving a gift. — Any person who during any calendar year receives any gift, which is not made before a notary public and which exceeds the ten thousand dollars ($10,000) exemption per person receiving the gift as provided in § 31083(b) of this title shall, not later than February 28 of the year following the calendar year in which he/she received the gift, file with the Secretary a statement under penalty of perjury, in such manner as the Secretary may provide for by regulation, circular letter, informational bulletin, or administrative determination of a general nature, stating the value of such gift, the date on which such gift was received, and the address and age of the donor.
(c) Information statement by notary public. — Any notary who authorizes any document in connection with a gift shall notify the Secretary of such a fact, under penalty of perjury, in such manner as the Secretary may provide by regulation, circular letter, informational bulletin or administrative determination of a general nature, within ten (10) days after the date such document was executed.
(d) The Secretary may require by regulation, circular letter, informational bulletin or administrative determination of a general nature that the tax returns and information statement required under this section are filed electronically.
History —Jan. 31, 2011, No. 1, § 2051.02, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1025 - Tax Returns, Payment of Taxes, Procedure and Administration (§§ 31121 — 31176) › Subchapter A - Tax Returns and Payment of Taxes (§§ 31121 — 31131) › § 31123 - Time extension to file tax returns or statements

The Secretary may, pursuant to such rules and regulations as he/she may establish to that effect, grant reasonable time extensions to file the tax returns referred to in this part, except that in cases in which the person required under this part to file such tax returns is not in Puerto Rico, the time to file the same may not be extended for more than six (6) months.
History —Jan. 31, 2011, No. 1, § 2051.03, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1025 - Tax Returns, Payment of Taxes, Procedure and Administration (§§ 31121 — 31176) › Subchapter A - Tax Returns and Payment of Taxes (§§ 31121 — 31131) › § 31124 - Keeping documents and filing special tax returns

(a) Any person subject to payment of any taxes imposed by this part or responsible for collecting such taxes and paying them to the Secretary, shall keep such attestations, submit under oath such statements, file such tax returns, and meet all such requirements as the Secretary may provide by regulation.
(b) The Secretary, when necessary in his/her judgment, may require by notice that any person file such tax return, submit under oath such statements, or keep such attestations as the Secretary may consider necessary to determine whether such person is or is not subject to payment of taxes under this part.
History —Jan. 31, 2011, No. 1, § 2051.04, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1025 - Tax Returns, Payment of Taxes, Procedure and Administration (§§ 31121 — 31176) › Subchapter A - Tax Returns and Payment of Taxes (§§ 31121 — 31131) › § 31125 - Public nature of tax returns

(a) Public document and inspection. —
(1) All tax returns filed pursuant to the provisions of this part shall constitute public documents and be subject to public inspection and examination to such extent as authorized by the Secretary by rule and/or regulation.
(2) Whenever a tax return is subject to inspection by any person, such person shall be issued, after making a written request, a certified copy of such tax return pursuant to such rules and regulations as the Secretary may approve. The Secretary shall fix a reasonable fee for providing such copies.
History —Jan. 31, 2011, No. 1, § 2051.05, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1025 - Tax Returns, Payment of Taxes, Procedure and Administration (§§ 31121 — 31176) › Subchapter A - Tax Returns and Payment of Taxes (§§ 31121 — 31131) › § 31126 - Payment of taxes

(a) Time of payment. — Taxes imposed by this part shall be paid with no need for assessment, notice or requirement by the Secretary, within the following terms:
(1) Decedent’s estates. — As for decedent’s estate taxes imposed by §§ 31011 and 31061 of this title, within nine (9) months immediately following the time of death of the decedent.
(2) Gifts. — As for gift taxes imposed by § 31081 of this title, on January 31 of the year following the calendar year in which the gift was made, if the tax return is being filed by the donor, or on February 28 of the year following the calendar year in which the gift was made if the tax return is being filed by the person receiving the gift.
(b) Voluntary advance payment. — Any taxes imposed by this part may be paid, at the taxpayer’s choice, before the date prescribed for payment thereof.
(c) Advance payment when taxes are in jeopardy. — Advance payments when taxes are in jeopardy shall be governed by § 31131 of this title.
History —Jan. 31, 2011, No. 1, § 2051.06, retroactive to Jan. 1, 2011.
2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART III - Decedent’s Estate and Gifts (§§ 31001 — 31176) › Chapter 1025 - Tax Returns, Payment of Taxes, Procedure and Administration (§§ 31121 — 31176) › Subchapter A - Tax Returns and Payment of Taxes (§§ 31121 — 31131) › § 31127 - Sale of or encumbrance on decedent’s property and release of funds to pay taxes

(a) In the event that there are not sufficient funds to pay the taxes imposed by this part, as well as any other taxes owed to the public treasury, the executor may request, and the Secretary is hereby authorized to approve, that, before the corresponding legal transaction, any portion of the decedent’s property be sold or encumbered in any way, when indispensable in order to have access to sufficient funds to pay the taxes mentioned above as provided in § 31162 of this title. The executor shall be required, when the property is sold or encumbered, to withhold such amounts of money as necessary to pay the amount of taxes owed and to immediately send such amounts to the Secretary.
(b) The corresponding property registrar is hereby authorized in these cases to record such recordable documents executed to that effect, pursuant to the terms of the conditioned authorization granted by the Secretary.
(c) For purposes of this section, the release of funds from the decedent’s estate, as provided in § 31162(b) of this title may be authorized.
History —Jan. 31, 2011, No. 1, § 2051.07, retroactive to Jan. 1, 2011.