Over $93 million in credit payments issued for low-income seniors, pensioners
By The Star Staff
Gov. Pedro Pierluisi Urrutia, along with Treasury Secretary Francisco Parés Alicea, announced earlier this week the disbursement of $93 million in payments corresponding to the credit for people 65 years of age or older and for low-income pensioners.
The period for requesting the credit for the 2022 tax year through the Unified Internal Revenue System ended Monday.
“Just hours before the end of the period to request the senior loan, we have fulfilled our commitment to send payments in an agile and timely manner to 191,499 older adults,” the governor said in a written statement. “This represents a disbursement of $93,036,600, of which $91,416,000 corresponds to the credit for people over 65 years of age and $1,620,600 to low-income pensioners.”
Parés Alicea meanwhile highlighted that as of Monday, 207,019 forms had been received since the filing period began in July.
“We have been efficient in processing applications and disbursing payments and we have already completed 92.5 percent of the total forms filed,” he said.
Last year on the same date, the Treasury Department had received 202,472 applications and approved 183,652 forms for both credits, which represented disbursements of $89,999,000.
People who, as of the last day of the taxable year, are 65 years old or older qualify for the senior credit provided their aggregate annual income does not exceed $15,000. The personal compensatory credit is $400, since the Treasury Department met the net income test to the General Fund, established in the Internal Revenue Code.
In the case of married people, each spouse was entitled to claim the senior credit, as long as the aggregate income did not exceed $30,000.
Pensioners from the Government Employees’ Retirement Systems Administration, the Teachers’ Retirement System, the University of Puerto Rico, the Puerto Rico Electric Power Authority and pensioners from the private sector were able to opt for the compensatory credit.
The pensioners’ credit is $300, provided that the only source of income is the pension and it does not exceed $4,800 annually.