Governor signs law imposing a 4% tax on future beneficiaries of Law 60.

BY THE STAR STAFF

Governor Jenniffer Aydin González Colón announced on Tuesday that she signed House Bill 505 to impose a 4 percent tax on capital gains, interest, and dividends of future beneficiaries of Law 60.

“Today I will sign into law this bill 505 which increases the tax rate on net capital gains, interest, and dividends for future resident individuals and investors in Puerto Rico to 4 percent. Currently they pay zero, now they will be paying 4 percent,” González Colón said during a live broadcast from La Fortaleza.

As he explained, the measure also establishes that those who receive these decrees must acquire a property in Puerto Rico within two years as their primary residence.

The governor indicated that the tax change will generate additional revenue that the government plans to use to reduce taxes for investors and taxpayers residing in Puerto Rico.

González Colón noted that the legislation also extends until 2055 the tax benefits granted under that program for new beneficiaries.

During the broadcast on social media, the president also announced the signing of several additional measures approved by the Legislative Assembly.

Among them, she mentioned amendments to the electoral law to simplify the early voting process for people aged 50 and over, with the aim of reducing lines and facilitating the process on election day.

“The approved amendments further undermine confidence in the electoral system. Once again, the New Progressive Party (PNP) has approved changes to the Electoral Code without consensus and with the sole intention of remaining in power. The Popular Democratic Party (PPD) reiterates its rejection of the amendments and their approval,” said Ernesto González Rodríguez, the Popular Democratic Party’s (PPD) electoral commissioner, in a written statement.