Ley 113 del 2008
Resumen
Esta ley enmienda el Código de Rentas Internas de Puerto Rico de 1994 para permitir una deducción adicional en el impuesto sobre la renta para los contribuyentes individuales que realicen donaciones al Fondo de Dotación de la Universidad de Puerto Rico. El propósito es incentivar las contribuciones filantrópicas para fortalecer financieramente la universidad.
Contenido
(No. 113)
(Approved July 16, 2008)
AN ACT
To amend Section 1023 of Act No. 120 of October 31, 1994, as amended, known as the "Puerto Rico Internal Revenue Code of 1994," in order to grant an additional deduction to taxpayers who contribute to the Endowment Fund of the University of Puerto Rico.
STATEMENT OF MOTIVES
The University of Puerto Rico, which was founded in 1903, has transcended the educational framework to become the most important cultural project in Puerto Rico. At present, the University has approximately 70,000 students enrolled, a group of the most talented young Puerto Ricans, and a faculty of over 5,000 professors who are among the most prominent intellectuals of Puerto Rico. The University has 514 undergraduate and graduate programs within its academic offering. In June 2004, the University graduated 10,690 students, which confirmed its leading position in educating professionals in all areas of the Puerto Rican endeavor.
In order to maintain its first-class service, the University of Puerto Rico faces the challenge of offering a broader and more diversified academic offering in benefit of its students, and ultimately, in benefit of Puerto Rico. For such reason, the University should offer its students and faculty greater opportunities for their intellectual development and growth.
The Endowment Fund of the University of Puerto Rico was established in 1996 through an initial appropriation of $5,000,000. By December 2004,
the Endowment Fund of the University of Puerto Rico had increased to $47,586,807, which represents a growth of over 900% since its creation. At present, the donations received by the Fund exceed $53 million.
With double its capital, in the last two years the Fund has sponsored over 237 scholarships, in addition to master lectures. Also, it has distributed over $670 thousand in direct assistance to students, the faculty and academic and research programs.
The Endowment Fund of the University of Puerto Rico is an excellent means for contributing with the fiscal strengthening of the institution. The strengthening of the Endowment Fund of the University of Puerto Rico shall be a determining factor in the development and growth of the University in the $21^{ ext {st }}$ century.
The fiscal solidity of the University of Puerto Rico is fundamental for this Legislature. Modern public universities have three sources of financing, to wit: state appropriations, the revenues generated from charges for services rendered, and the contributions made by philanthropists. We must take this challenge; for such reason, a tax incentive is granted for philanthropic contributions made to the Endowment Fund of the University of Puerto Rico.
BE IT ENACTED BY THE LEGISLATURE OF PUERTO RICO:
Section 1.- A new clause (5) is hereby added and the following clauses renumbered in Subtitle A, Chapter 2, Subchapter B, Section 1023, subsection (bb) in Act No. 120 of October 31, 1994, as amended, known as the "Puerto Rico Internal Revenue Code of 1994," to read as follows: "Section 1023.— Gross Income Deductions On computing net income, the following shall be allowed as deductions:
(a) ... (bb) Additional Deductions.- In the case of an individual, the following items shall be allowed as a deduction from the adjusted gross income in addition to the optional fixed deduction or itemized deductions: (1) ...
(5) Deductions for Contributions made by the Taxpayer to the Endowment Fund of the University of Puerto Rico. (A) Proof of Donation.- An individual who claims a deduction under this subsection shall include in his/her income tax return any cancelled checks that evidence such contributions."
Section 2.- This Act shall take effect immediately after its approval.
CERTIFICATION
I hereby certify to the Secretary of State that the following Act No. 113 (S. B. 1553) of the $7^{ ext {th }}$ Session of the $15^{ ext {th }}$ Legislature of Puerto Rico:
AN ACT to amend Section 1023 of Act No. 120 of October 31, 1994, as amended, known as the "Puerto Rico Internal Revenue Code of 1994," in order to grant an additional deduction to taxpayers who contribute to the Endowment Fund of the University of Puerto Rico. has been translated from Spanish to English and that the English version is correct.
In San Juan, Puerto Rico, today $15^{ ext {th }}$ of October of 2009.
Solange I. De Lahongrais, Esq. Director