Ley 41 del 2008
Resumen
Esta ley enmienda la Ley Núm. 212 de 29 de agosto de 2002, conocida como la "Ley de Revitalización de Centros Urbanos", específicamente el Subinciso F de la Sección 4.03. El propósito es aclarar aspectos relacionados con los créditos contributivos otorgados para proyectos de construcción y mejoras en centros urbanos, incluyendo la elegibilidad, el porcentaje del crédito (75% o 100% en zonas históricas o propiedades alrededor de plazas públicas) y la posibilidad de ceder o transferir dicho crédito. La enmienda busca reafirmar la intención legislativa de mantener criterios previamente establecidos en la ley original y en los reglamentos del Departamento de Hacienda.
Contenido
| (No. 41) |
|---|
| (Approved April 15, 2008) |
| AN ACT |
To amend Subsection F of Section 4.03 of Act No. 212 of August 29, 2002, known as the "Urban Centers Revitalization Act," in order to make clear certain aspects related to the tax credits granted by virtue of this Act.
STATEMENT OF MOTIVES
The "Urban Centers Revitalization Act" was created through Act No. 212 of August 29, 2002. The objective of said legislation was to establish integrated plans to organize and revitalize the urban centers of the cities and towns of Puerto Rico. This objective is a part of the public policy directed toward repopulating, rehabilitating and revitalizing the urban centers through the development of housing projects, community areas, commercial areas, parks and recreational areas, the construction and repair of structures and the development of empty or sub-utilized lots. The purpose of these initiatives is to strengthen the quality of life of the communities, improve the urban environment, and to promote environment conservation. The joint efforts of the Central Government, the Municipalities and the private sector are needed in order to achieve these purposes.
The participation of the private sector is furthered through the granting of several tax incentives. These incentives consist of deductions and credits that are granted by the Secretary of the Treasury, in accordance with the criteria established in the aforesaid Act No. 212.
The Urban Centers Revitalization Act was amended through Act No. 102 of 2004, for the purpose of strengthening the authority of the Department of the Treasury with respect to the taxation aspects of the deductions and credits granted under said legislation. A few months later, by virtue of Act No. 515 of 2004, the Urban Centers Revitalization Act was amended once again to establish some modifications to certain provisions of the incentives established to facilitate and promote private investments in the urban centers. Through error or inadvertency, during the legislative process that resulted in the approval of Act No. 515, the second paragraph of subsection F of Section 4.03 of the Urban Centers Revitalization Act, a provision that establishes some criteria on the awarding of the tax credits granted and their transfer, was omitted. The criteria provided in the second paragraph of Subsection F are already duly included in the regulations adopted by the Department of the Treasury in accordance with the provisions of Section 6.05 of Act No. 212 of 2002.
It is for the purpose of clarifying the effectiveness of these criteria that the legislative intention of maintaining the second paragraph of Subsection F, as previously approved through Act No. 212 of 2002, and in accordance with the regulations that the Department of the Treasury had adopted prior to the approval of Act No. 515 of 2004, is reaffirmed through this measure.
BE IT ENACTED BY THE LEGISLATURE OF PUERTO RICO:
Section 1.-Subsection F of Section 4.03 of Act No. 212 of August 29, 2002, is hereby amended to read as follows: "Section 4.03.- Incentives, Credits and Exemptions. Once the terms of the proposal are met and complied with as approved, the Territorial Ordinance Office of the municipalities, with the area plan or the historic zone plan, or in those cases in which the
municipalities do not have them, the Office of the Director, as the case may be, shall certify said compliance to the Secretary of the Treasury who, by virtue of said certification, shall be able to grant the proponent the following incentives when they apply to the proposal. The incentives shall take effect on the date of approval of the proposal. The certification to which reference is made in this section shall detail the procedure followed for approving the proposal and shall contain conclusions of fact and law on the qualifications and termination of the project so as to provide the Secretary of the Treasury with enough information to grant the incentives provided by this Act. However, under the provisions of the Puerto Rico Internal Revenue Code of 1994, as amended, the Secretary of the Treasury shall have the power to revise and audit the income tax returns of taxpayers in order to validate the concession of the incentives granted in this Act. A. ... F. Tax Credit for Investments in Construction Projects in Urban Centers.
Any owner or tenant, natural or juridical person that undertakes a construction or improvements project (including housing projects) in an urban center pursuant to the provisions of this Act, may claim a credit against his/her income tax of seventy-five percent (75%) of the cost of the project or the improvements. The credit unused in a tax year may be carried over to subsequent tax years for a maximum of ten (10) years. This incentive shall be of one hundred percent (100%) for those municipalities with
historic zones. Likewise, the properties along the four streets that surround the public town square of all urban centers, whether historic zones or not, shall also enjoy this incentive of one hundred percent ( 100% ).
Upon determining the control of the project for purposes of the credit herein provided, those amounts or costs used in the computation of the credit provided in subsection E of this Section shall not be considered in the case both credits apply. Except as otherwise provided above, the credit granted under this Subsection shall neither apply nor be available to those owners who receive or have received any other tax benefit pursuant to other federal or state laws or regulations, he/she may use or have used against the investment attributable to the project or improvement cost under this Subsection. The credit provided by this Subsection may be ceded, sold or otherwise transferred, in whole or in part, by the owner or natural or juridical person with the right to claim the same, to another person. G. ..." 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. 41 (S.B. 2422) of the $7^{ ext {th }}$ Session of the $15^{ ext {th }}$ Legislature of Puerto Rico:
AN ACT to amend Subsection F of Section 4.03 of Act No. 212 of August 29, 2002, known as the "Urban Centers Revitalization Act," in order to make clear certain aspects related to the tax credits granted by virtue of this Act, has been translated from Spanish to English and that the English version is correct.
In San Juan, Puerto Rico, today $2^{ ext {nd }}$ of June of 2008.
Francisco J. Domenech Director