P.R. House of Representatives Bill 263
Updated: Feb 3
To amend Article 7 of Act No. 225-1995, as amended
On January 2, 2017, representative Gabriel Rodríguez Aguiló introduced H.R. 263 to amend Article 7 of Act No. 225-1995, as amended. This bill was approved by the Puerto Rico Senate and House of Representatives but has not been sent to the Governor of Puerto Rico.
Act No. 225-1995, as amended, known as the “Law of Agricultural Incentives of 1995”, establishes a procedure that authorizes the Secretary of the Treasury and the Secretary of Agriculture to classify the bona fide farmers of Puerto Rico and exempt them from the payment of contributions and taxes.
The proposed amendment to Article 7 of Act No. 225-1995 orders the Secretary of the Treasury to adopt, in 90 days after the approval of the bill, the necessary measures and procedures to guarantee that bona fide farmers directly receive the excise tax exemption established in said law. Such procedures should simplify the allowance of the tax exemption to all certified bona fide farmers.
If you have any questions about H.R. 263 or the impact it may cause your company, feel free to contact us at your convenience at (787) 765-5656.