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PC 509

Para enmendar la Sección 2 de la Ley 132-2010, según enmendada, conocida como la “Ley de Estímulo al Mercado de Propiedades Inmuebles” para extender la exención de contribución sobre ingresos en los ingresos de arrendamiento de propiedad residencial localizada en Puerto Rico.

2025-2028 Session

Extend the Puerto Rico residential rental income tax exemption under Law 132-2010 to support landlords and investors, with potential impacts on tenants and the rental market.

Referido a Comisión(es)
0
WeVote Research Nonpartisan
Bill Summary · PC 509

PC 509 – Summary

PC 509 proposes to amend Section 2 of Law 132-2010, as amended, known as the “Ley de Estímulo al Mercado de Propiedades Inmuebles,” to extend the income tax exemption on rental income from residential property located in Puerto Rico.

1) Purpose and Intent

  • Extend the currently available income tax exemption for rental income derived from residential properties located in Puerto Rico.
  • The change targets continued support for owners and investors in the residential rental market as part of the broader Real Estate Market Stimulus program (Law 132-2010).

2) Key Provisions (What the bill would change)

  • Amend Section 2 of Law 132-2010 to extend the exemption for income from residential rental property located in Puerto Rico.
  • Specific terms such as the duration of the extension, eligibility criteria, or any thresholds are not detailed in the summary provided; the enacted text would define the precise parameters.
  • The bill does not indicate other changes to tax incentives beyond extending this particular exemption.

3) Affected Parties and Scope

  • Primarily: Individual and corporate owners of residential rental properties in Puerto Rico who currently benefit from the income tax exemption under Law 132-2010.
  • Potential indirect effects on tenants, rental market dynamics, and overall real estate investment activity in Puerto Rico.
  • Government/Tax Administration: Affects projected revenue by extending a tax exemption, with corresponding fiscal implications to be assessed.

4) Procedural Timeline and Status

  • Introduced: April 4, 2025.
  • Legislative actions:
    • 2025-04-04: Radicado (filed).
    • 2025-04-07: Aparece en Primera Lectura de la Cámara (First Reading in the House) and Referido a Comisión(es) (referred to committees).
  • Current status: Referred to committee(s); no final passage information available in the provided data.

5) Potential Impacts and Considerations

  • Fiscal: Extension would reduce tax revenue from rental income exemption unless offset by other revenue measures or economic gains from increased rental activity.
  • Market: Could incentivize continued or increased investment in residential rental properties, potentially affecting supply, rental rates, and ownership patterns.
  • Administration: Likely straightforward if maintaining existing exemption framework; details on compliance and sunset provisions would be clarified in the bill text.

6) Context

  • Law 132-2010 is designed to stimulate the Puerto Rico real estate market through tax incentives. This bill focuses specifically on preserving or extending the exemption for residential rental income under that framework.

If you’d like, I can add a brief comparative note with estimated fiscal impact assumptions or map out a likely timeline for committee review steps based on typical Puerto Rico legislative process.

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

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