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PC 827

Para añadir un inciso (11) al apartado (a) de la Sección 1033.15 de la Ley 1-2011, según enmendada, conocida como “Código de Rentas Internas para un Nuevo Puerto Rico” con el fin de proveer una deducción por los gastos incurridos en la adquisición de seguros de propiedad sobre la residencia principal del contribuyente; y para otros fines relacionados.

2025-2028 Session

Bill allows Puerto Rico homeowners to deduct primary residence property insurance costs from taxable income, reducing personal tax liability but potentially decreasing government revenue.

Referido a Comisión(es)
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WeVote Research Nonpartisan
Bill Summary · PC 827

Legislative bill overview

Bill PC 827 proposes adding a new deduction to Puerto Rico's Internal Revenue Code (Law 1-2011) that would allow taxpayers to deduct property insurance expenses paid on their primary residence. This is a tax benefit aimed at homeowners who purchase insurance for their main dwelling.

Why is this important

Property insurance is a significant recurring expense for homeowners, particularly in Puerto Rico where hurricane and natural disaster risks are high. This deduction could reduce the tax burden on homeowners and potentially incentivize insurance purchases, which protects both individual assets and contributes to broader economic resilience. However, the fiscal impact on Puerto Rico's government revenues—already strained—requires careful consideration.

Potential points of contention

  • Revenue loss: The measure would reduce government tax revenue from homeowners, which could affect public services during a period when Puerto Rico faces fiscal constraints
  • Equity concerns: This benefit would primarily advantage higher-income homeowners who both own property and file taxes, while renters and lower-income residents receive no benefit
  • Insurance market effects: The deduction might disproportionately help those who can already afford insurance, rather than addressing affordability barriers for vulnerable populations

Compiled from official sources — confirm details with the bill’s official record.

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