Thursday, November 23, 2017

Measure filed in Puerto Rico legislature to have hurricane emergency expenses deducted

By on November 13, 2017

SAN JUAN – New Progressive Party (NPP) Rep. Joel Franqui Atiles announced the filing of a measure that seeks to provide taxpayers with an up to $1,500 tax deduction for extraordinary expenses incurred as a result of the impact of hurricanes Irma and María.

Franqui Atiles noted that House Bill 1329 amends Section 1033.21 of Act 1-2011, known as the Internal Revenue Code for a New Puerto Rico.

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“This initiative seeks to give relief to people’s pockets in a quick and concrete way, as is being done with small and midsize business people. With this proposal we help those most in need, too. This relief would prevent many from being left without money after this emergency,” the also chairman of the Agriculture Committee in the lower chamber said in a press conference.

“This legislative measure recognizes that Puerto Ricans in this delicate economic situation incur expenses that weren’t budgeted to address the emergency. In many cases, families have to resort to their savings to buy electric generators, rent houses, security panels, diesel, non-perishable food, among others,” he said.

The legislator added he believes it would be reasonable for the Government of Puerto Rico to recognize such extraordinary expenses and consider them a deduction in income tax returns.

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