Bill Exempting Taxes when Short-Selling Real Estate Approved
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.
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.”