Overview: Bill Number: PC 460, Title: Para enmendar la Sección 1081. 02 (d) y (g) de la Ley 1-2011, mejor conocida como el "Código de Rentas Internas para un Nuevo Puerto Rico" o "Código de Rentas Internas de 2011", según enmendado, a los fines de añadir un inciso (7) en el inciso (d) en el que se contemple la distribución para adquisición de una propiedad inmueble que sea con propósitos y fines exclusivamente agrícolas y; añadir un inciso (I) en el que se exima de la penalidad que contempla el inciso (g) de la referida sección, la cantidad distribuida con anterioridad a los 60 años que sea para la adquisición de una propiedad inmueble con fines exclusivamente agrícolas; y para otros fines relacionados, Status: Referido a Comisión(es), Introduced: March 27, 2025, Classification: bill
Purpose and Intent: The main purpose of this bill is to amend the Puerto Rico Internal Revenue Code of 2011 to provide tax incentives and exemptions for the acquisition of real estate properties for exclusive agricultural purposes. The goal is to encourage and support the agricultural sector by facilitating the purchase of land for farming and related activities.
Key Provisions:
- Add a new subsection to allow for the distribution of retirement funds for the acquisition of real estate properties for exclusive agricultural purposes, without incurring penalties
- Exempt from the penalty stipulated in the existing code the amount distributed before the age of 60 for the acquisition of real estate properties for exclusive agricultural purposes
Affected Parties and Impacts:
- Individuals and businesses in the agricultural sector who are seeking to acquire land for farming and related activities
- The Puerto Rico Department of the Treasury, which would be responsible for implementing the new tax incentives and exemptions
Procedural and Timeline Considerations:
The bill has been referred to the relevant legislative commission(s) for further consideration and review. The next steps would involve the commission's deliberations, potential amendments, and a vote on whether to recommend the bill for passage by the full legislative body.
