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Bill Exempting Taxes when Short-Selling Real Estate Approved

By on June 24, 2016

SAN JUAN – The House of Representatives has passed a bill amending the Internal Revenue Code to waive a real estate seller’s taxes when property is sold under the short sale mechanism, or selling a home for less than the amount owed.

MIAMI - JANUARY 06: A Short Sale sign is seen in front of a home on January 6, 2009 in Miami, Florida. The National Association of Realtors Pending Home Sales Index, based on contracts signed in November, dropped 4.0 percent to 82.3, the lowest level since the series started in 2001. (Photo by Joe Raedle/Getty Images)

(Photo by Joe Raedle/Getty Images)

House bill 2916, filed by Rep. Jesús Santa Rodríguez at the request of a citizen, Roberto Carrasquillo Ríos, states that the difficult economic panorama on the island has caused a glut of real estate on market, where there are more properties available for sale, but few people able to acquire them.

Also approved Friday was Rep. José Rodríguez Quiles’ House bill 2870, which eliminates the Interagency Committee and the development of the Action Plan for the registration of unappraised real property, and commercial and industrial properties with unappraised improvements to return those duties to the Municipal Revenue Collections Center (CRIM by its Spanish acronym).

The lawmaker said the need for the amendment is due to the committee, created in 2010 by law, “lagging operationally, having spent over $1 million in its implementation, without concrete results.”

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