Para enmendar el Artículo 8 de la Ley Núm. 7 de 4 de marzo de 1955, según enmendada, conocida como “Ley de Exención Contributiva de Zonas Históricas”, a los fines de mantener los beneficios otorgados por la “Ley de Exención Contributiva de Zonas Históricas”.

2025-2028 Session

Preserves the Historic District Tax Exemption by amending Article 8, ensuring continued property tax relief for owners in designated historic zones.

Comisión no recomienda aprobación de la medida

PS 289 — Summary

Overview

PS 289 seeks to amend Article 8 of Law No. 7 (dated March 4, 1955), as amended, known as the "Ley de Exención Contributiva de Zonas Históricas" (Historic District Tax Exemption Law). The stated purpose is to maintain the benefits currently granted under the Historic District Tax Exemption Act. The bill title indicates a focus on preserving the existing exemption provisions for property tax benefits in designated historic zones.

What the bill would do

Amend Article 8 of Law No. 7 (1955) to preserve the tax exemption benefits provided by the Historic District Tax Exemption Act.

The available information does not provide the exact textual changes or additions, so the precise changes to eligibility, duration, applicability, or administration are not specified here. The intent, as stated, is to maintain the existing exemptions.

Key provisions (available information)

The bill’s purpose is to maintain the benefits of the Historic District Tax Exemption Act.

Specific provisions, such as eligibility criteria, duration of exemption, affected property types, or administrative details, are not listed in the provided summary. The actual text would detail how Article 8 would be modified to achieve the preservation of benefits.

Affected parties

Property owners and taxpayers within designated historic zones who benefit from the tax exemption.

Local tax assessors and municipal administrations responsible for applying the exemption.

Historic preservation advocates and organizations seeking to sustain incentives for preserving historic properties.

Procedural and timeline details

Introduced: January 28, 2025.

Legislative action: Appears in Senate First Reading and referred to Senate committees on January 30, 2025.

Status (as of the latest available action): Commission did not recommend approval of the measure (2025-10-30). This indicates the bill faces significant headwinds and may not advance without changes or a favorable committee recommendation.

Ongoing steps (typical, not specific to this bill): If not approved by committees, the bill may stall; sponsors could seek amendments, hold hearings, or pursue floor action depending on committee and leadership decisions.

Potential impact

If enacted, the bill would ensure continued tax relief for historic district properties, supporting preservation efforts and potentially stabilizing property tax bills for affected owners.

Potential fiscal impact would include effects on municipal tax revenue and budgets, though no specific fiscal figures are provided in the available information.

The absence of detailed provisions means the exact scope of beneficiaries and administrative implications remain to be seen in the bill’s full text.

Next steps for readers

Monitor for the release of the bill’s full text to understand precise changes to Article 8.

Watch committee hearings and votes, particularly given the current negative committee recommendation.

Consider implications for property owners in historic zones and for municipal budgeting if the bill’s provisions are retained or revised.