WeVote
Log In

Bill

Bill

PC 952

Para enmendar las Secciones 1062.08, 1062.11, 1091.01 y 1092.01 la Ley 1-2011, según enmendada conocida como “Código de Rentas Internas de Puerto Rico de 2011”, para armonizarlo con el Convenio de Doble Imposición (Double Taxation Agreement o DTA) suscrito entre Estados Unidos de América y España y aumentar la competitividad comercial del Estado Libre Asociado de Puerto Rico y para otros fines relacionados.

2025-2028 Session

Bill PC 952 amends Puerto Rico's tax code to align with the US-Spain Double Taxation Agreement, aiming to increase business competitiveness and eliminate duplicate tax burdens on Spanish investors.

Referido a Comisión(es)
0
WeVote Research Nonpartisan
Bill Summary · PC 952

Legislative bill overview

Bill PC 952 amends Puerto Rico's Internal Revenue Code (Law 1-2011) to align with the Double Taxation Agreement between the United States and Spain. The amendments modify sections 1062.08, 1062.11, 1091.01, and 1092.01 to harmonize tax treatment and enhance Puerto Rico's commercial competitiveness.

Why is this important

Puerto Rico uses tax incentives to attract foreign investment and businesses. Aligning with the US-Spain DTA eliminates double taxation barriers that may discourage Spanish companies from operating in Puerto Rico, potentially expanding the tax base and job creation. Harmonization with international agreements strengthens Puerto Rico's position as a competitive Caribbean business hub.

Potential points of contention

  • Revenue impact uncertainty: Changes to tax code sections could reduce government revenue if not carefully structured, affecting public services and debt obligations
  • Scope ambiguity: The bill's operative language is vague ("para otros fines relacionados"), making it unclear what additional changes are included beyond the four cited sections
  • Preferential treatment concerns: DTA-specific benefits may create competitive disadvantages for non-Spanish companies already operating in Puerto Rico or applying similar tax incentives

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

Sign in to ask a question.