Tuesday, November 29, 2022

Law enacted to extend home-purchase incentives in Puerto Rico

By on January 22, 2018

SAN JUAN – Puerto Rico Gov. Ricardo Rosselló enacted Sunday House Bill 1076, which extends until Dec. 31, 2020, the incentives for the purchase of housing included in Act 216-2011.
“This measure is vital in times of great economic challenges and the loss of homes due to the atmospheric events we faced in 2017. The mortgage and housing construction market needs this incentive, and our citizens need this assistance to purchase their new home,” the island’s chief executive said in written statements.

He explained that the law he signed allows for tax exemption on profits of eligible homes, carryover of capital loss, five-year exemption on Municipal Revenue Collections Center (CRIM) payment on qualified housing and exemption of payment of stamps, duties, vouchers and tariffs at the moment of closing on the purchase of the property. The parties will only have to pay the notary tax and stamps of the Sociedad para la Asistencia Legal (Legal Assistance Society), according to the measure.

With the signing of this measure, the incentives under Act 216-2011, authored by Rep. Luis “Junior” Pérez, are extended until 2020, and apply to all newly built eligible housing that meets the requirements of the statute.

“This measure is in line with our public policy of assisting the most vulnerable in times of emergency and recovery from the worst disaster in the history of the United States, as expressed by the Federal Emergency Management Agency,” Rosselló said.
The governor also signed seven bills to improve the educational experience of children and young people.

House Bill 260, authored by Rep. Gabriel Rodríguez, provides the integration into the Education Department curriculum modules to prevent suicide in schools.
In addition, Rosselló enacted HB 460 and HB 461, written by Rep. Rafael “June” Rivera.

HB 460 mandates the establishment of school and vocational education programs for inmates in penal institutions of the Corrections & Rehabilitation Department to foster agreements or alliances with private or public educational institutions.

In addition, HB 461 updates the Special Law on Youth Cooperatives by eliminating the repealed Office of Youth Affairs and replacing it with the Youth Development Program of the Economic Development & Commerce Department.

Meanwhile, HB 863, also written by Rodríguez, includes the University of Puerto Rico (UPR) within the Claims & Lawsuits against the State Act’s limits on the damage amounts from acts committed by its officials, employees and agents in their public capacity in the performance of their duties; and for negligent acts arising within its campuses and installations and facilities belonging to, leased or used by the institution.
Rosselló said this measure was requested by the UPR’s administration as an effort to address its fiscal crisis.

Similarly, Senate Bill 70, presented by Senate President Thomas Rivera Schatz, establishes a communication and relationship program between students and Puerto Rican personalities.

SB 313, authored by Sen. Carmelo Ríos, establishes courses on finance management in the Education Department curriculum, in coordination with the Instituto de Educación Financiera (Financial Education Institute), to offer personal and business training to students in the public education system.

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