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Home >Investor Resources>Relevant Legislative Measures

Relevant Legislative Measures

Laws
List of laws related to the Fiscal and Economic Reconstruction of Puerto Rico, and to fiscal, financial and economic development matters overall, approved by the Puerto Rico Legislative Assembly and signed into law.





Laws

2014

June 28, 2014 - Act No. 71 - To create the "Puerto Rico Public Corporation Debt Enforcement and Recovery Act," in order to establish a debt enforcement, recovery, and restructuring regime for the public corporations and other instrumentalities of the Commonwealth of Puerto Rico during an economic emergency... (The law was approved in both English and Spanish; the English text begins on page 74.)
June 11, 2014 - Act No. 62 - To create the “Micro, Small-, and Medium-sized Business Promotion Act,” in order to create the Puerto Rico Micro, Small-, and Medium-sized Business Promotion Board...
March 4, 2014 - Act No. 34 - To authorize the issue of bonds of the Government of the Commonwealth of Puerto Rico in a principal amount that shall not exceed three billion five hundred million dollars ($3,500,000,000)...
January 24, 2014 - Act No. 20 - To create the “Puerto Rico Capital Reinvestment Act”; amend Sections 1034.10, 1082.01, and 1082.02 of Act No. 1-2011, as amended, known as the “Internal Revenue Code for a New Puerto Rico...”
January 24, 2014 - Act No. 19 - To create the “Municipal Finance Corporation Act”; authorize the creation of a public corporation and instrumentality of the Commonwealth of Puerto Rico
attached to the Government Development Bank for Puerto Rico, to be known as the “Municipal Finance Corporation” (COFIM, Spanish acronym) empowered to issue and/or use mechanisms to pay or refinance municipal debts, the principal of and interests on, are backed by the municipal sales and use tax...
January 24, 2014 - Act No. 18 - To create the “Municipal Administration Fund Act”; establish a special fund to be known as the “Municipal Administration Fund” (MAF), authorize municipalities to pledge the monies deposited in such Municipal Administration Fund corresponding to them to guarantee the repayment of any loan, bond, note, or other evidence of debt whose repayment source is the monies deposited therein and to defray any budgeted expense of the municipality and any activity or project thereof; authorize the Government Development Bank for Puerto Rico to make disbursements for the purposes set forth in this Act...
2013

December 24, 2013 - Act No. 162 - To amend Sections 2, 4, 4-A, 6, 7, 8-A, 9, and 10, and add Sections 4-C, 4-D, 10-A, and 10-B to Act No. 12 of October 19, 1954, as amended, known as the “Judiciary Retirement Act...”

October 10, 2013 - Act No. 116 - To amend Sections 2, 3, 4, and 5 of Act No. 91-2006, as amended, known as the “Dedicated Sales Tax Fund Act...”

July 30, 2013 - Act No. 93 - To create jobs by reforming the legislation regarding investment companies; create the “Puerto Rico Investment Companies Act of 2013”; facilitate and incentivize the investment and raising of capital in Puerto Rico through investment companies; modify the tax treatment to be granted to such investment companies; amend Act No. 1-2011, as amended, known as the “Internal Revenue Code for a New Puerto Rico”; and for other related purposes.

June 30, 2013 - Act No. 47 - To authorize the issue of bonds of the Government of the Commonwealth of Puerto Rico and the issue of bond anticipation notes in a principal amount that shall not exceed one hundred million dollars ($100,000,000) to cover the costs of necessary public improvements and the cost of the sale of such bonds and notes; provide for the payment of the principal and interest on such bonds and notes; authorize the Secretary of the Treasury to make provisional advances from the General Fund of the Commonwealth Treasury to be applied to the payment of the costs of said improvements and said sale of bonds and notes; empower the agencies and instrumentalities of the Commonwealth of Puerto Rico to acquire the necessary real and personal property and to exercise the power of eminent domain; and exempt said bonds and notes and interest thereon from taxes; and for other purposes.

June 30, 2013 - Act No. 45 - To create the Fiscal Reconstruction Fund, under the custody of the Department of the Treasury; authorize the Government Development Bank (GDB) to transfer to such Fund two hundred forty-five million dollars ($245,000, 000), whether from its own funds or from private financing; provide for the repayment thereof according to the terms agreed upon between the GDB and the Office of Management and Budget (OMB); provide for the use of such Fund; amend Section 8 of Act No. 164-2001, as amended, in order to suspend during Fiscal Year 2013-2014 the prohibition on financing whose sources of repayment are future budget appropriations from the General Fund.

June 30, 2013 - Act No. 40 - To create the “Tax Burden Redistribution and Adjustment Act”; add a new Section 7.022 is hereby added to Act No. 77 of June 19, 1957, as amended, known as the “Insurance Code of Puerto Rico”; amend Section 3.14 of Act No. 83-1991, as amended, known as the “Municipal Property Tax Act of 1991”; amend Section 6.08 of Act No. 255-2002, as amended, known as the “Cooperative Savings and Credit Associations Act of 2002”; amend Sections 23.0 and 35.9 of Act No. 239-2004, as amended; amend Section 4 of Act No. 91-2006, as amended, known as the “Dedicated Sales Tax Fund Act”...

June 25, 2013 - Act No. 32 - To amend Section 4-109 of Act No. 447 of May 15, 1951, as amended, renumbered as Section 4-111 as of July 1, 2013 by Act No. 3-2013, in order to provide that any payment to be made by a municipality on account of employer and individual contributions, triennial increases, medication bonus, summer bonus, Christmas bonus, and any other benefit legislated in favor of a pensioner, as well as any deduction from the employees’ salary for the payment of loans or any other debt outstanding in the System shall be guaranteed, in the case of municipalities, by the revenues of the Municipal Revenues Collections Center, and in the case of agencies, public corporations, and instrumentalities, by the revenues of the Department of the Treasury...

June 25, 2013 - Act No. 31 - To amend subsection (a)(1) of Section 3020.06 of Act No. 1-2011, as amended, known as the “Internal Revenue Code for a New Puerto Rico,” in order to
reduce the excise tax on gas oil and diesel oil from eight cents to four cents and provide for the allocation of such tax; amend subsections (a), (f), and (g) of Section 3020.07 of Act No. 1-2011, as amended, known as the “Internal Revenue Code for a New Puerto Rico...”

April 4, 2013 - Act No. 3 - Pension Reform Act. .

February 28, 2013 - Act No. 2 - To amend Sections 2101 and 2102 of Act No. 120-1994, as amended, known as the “Internal Revenue Code of 1994,” regarding the imposition of an excise tax on certain products wholly or partially manufactured or produced in Puerto Rico and services related thereto, acquired by non-resident individuals, corporations, and partnerships from entities affiliated to the buyer.
February 10, 2013 - Act No. 1 - To create the “Jobs Now Act” in order to allow for the creation of fifty thousand (50,000) new jobs within a term of eighteen (18) months; establish an incentives program geared toward ensuring the permanence, stability, and continuity of existing businesses; foster economic opportunities to encourage the creation of small- and medium-sized businesses by giving them preferential treatment in the incentives program; grant an energy credit to participating businesses as a strategy to incentivize job creation and counteract the high operating expenses related to electric power consumption...

2012

August 4, 2012 - Act No. 155 - To amend Section 3 of Act No. 122-2010, as amended, known as the “Mi Nuevo Hogar Program Financing Act,” to clarify certain provisions; and for other purposes.
July 14, 2012 - Act No. 133 - To amend Sections 2 and 6 of Act No. 91-2006, as amended, known as the “Dedicated Sales Tax Fund Act,” in order to add that the moneys received from bond issues or through other financing mechanisms may be used to defray or finance the operating expenses of the Government of Puerto Rico corresponding to Fiscal Year 2012-2013; provide that the Puerto Rico Economic Stimulus Fund, also known as the Stabilization Fund, may be funded with the proceeds of the bond issues of the Puerto Rico Sales Tax Financing Corporation and any other funds deposited therein; provide that the funds deposited in the Puerto Rico Economic Stimulus Fund may be used for all the purposes listed in Section 2 of Act No. 91-2006, as amended; and for other purposes.
February 14, 2012 - Act No. 42 - To amend paragraph (2) of subsection (a) of Section 6 of Act No. 36 of June 28, 1989, known as the “Abandoned or Unclaimed Money and Other Liquid Assets Act,” as amended, and Section 3 of Act No. 122-2010, known as the “‘Mi Nuevo Hogar’ Program Financing Act...”
January 17, 2012 - Act No. 20 - To establish the “Act to Promote the Export of Services,” in order to provide the adequate environment and opportunities to develop Puerto Rico as an
international service center, encourage local professionals to stay and return, and attract foreign capital, thus promoting the economic development and social betterment of Puerto Rico...

2011

November 21, 2011 - Act No. 229 - To amend current subsection (u) and renumber it as subsection (y), add a new subsection (u) and subsections (v), (w), and (x) to Section 18 of Act No. 205-2004, as amended, known as the “Department of Justice Organic Act...”
July 1, 2011 - Act No. 112 - To create the “2011-2012 Budget Support Fund” under the custody of the Office of Management and Budget...
July 1, 2011 - Act No. 111 - To amend Section 2 of Act No. 20 of April 9, 1976, as amended, in order to transfer the sum of six million seven hundred fifty-two thousand dollars ($6,752,000) from the Fund for the Investigation and Audit of Financial Institutions and Gambling Casinos to the 2011-2012 Budget Support Fund.
May 17, 2011 - Act No. 73 - To amend Section 40 of Act No. 7 of March 9, 2009, as amended, known as: “Special Act to Declare a State of Fiscal Emergency and to Establish a
Fiscal Stabilization Plan to Salvage the Credit of Puerto Rico...”
March 4, 2011 - Act No. 27 - To enact the “Puerto Rico Film Industry Economic Incentives Act” for the purpose of providing an adequate framework for the continued development of our film industry and other related activities; providing tax incentives to attract foreign capital and foster the economic development and social wellbeing of Puerto Rico...

2009

June 8, 2009 - Act No. 29 - To set forth the Commonwealth's public policy on Public-Private Partnerships (PPPs), authorize the creation of the PPPA....

March 9, 2009 - Act. No. 9 - “Puerto Rican Economic Stimulus Plan” aimed to stimulate the P.R. economy by granting a bonus to pensioners of the Government of the Commonwealth of Puerto Rico with incomes below twenty thousand dollars ($20,000) a year, mortgage relief aids to consumers, stimulus aids for buying homes, stimulus aids for building affordable housing, relief and stimulus aids to small and medium-sized businesses, worker retraining programs, stimulus aids for infrastructure projects, the expediting of endorsements and permits pending approval, and other economy-boosting measures; to establish sources for funds that may be deposited into the Secured Mortgage Reserve Fund...

March 9, 2009 - Act. No. 8 - To amend the “Puerto Rico Infrastructure Financing Authority Act,” (Act No. 44 of June 21, 1988, as amended) and provide that the Board of Directors of the Authority shall be constituted by five members of the Board of Directors of GDB, the Secretary of the Treasury, and an additional member, to be appointed by the Governor, and that the Chair of the PRIFA Board shall be appointed by the Governor of Puerto Rico from among the members of the same Board of Directors; to add a new Section 33, in order to authorize the Infrastructure Financing Authority to receive, administer, and disburse the funds appropriated to Puerto Rico by virtue of the American Recovery and Reinvestment Act of 2009…

March 9, 2009 - Act. No. 7 - The “Special Act to Declare a State of Fiscal Emergency and to Establish a Comprehensive Fiscal Stabilization Plan to Salvage the Credit of Puerto Rico”, to address from an integrative approach the fiscal crisis currently experienced by the Government of Puerto Rico, protect the credit of Puerto Rico, provide for a fiscal stabilization plan, eliminate the structural deficit, restore the fiscal health of the Government and lay the groundwork for the Government to be able to boost the economic development of Puerto Rico…

January 14, 2009 - Act. No. 4 - To amend Act No. 164 of December 17, 2001, in order to increase to two hundred million (200,000,000) dollars, up to June 30, 2011, the limit of loans that the GDB may grant, whose repayment sources are future budget appropriations from the General Fund, without these appropriations having been approved by the Legislature.

January 14, 2009 - Act No. 3 - To amend the “Puerto Rico Infrastructure Financing Authority Act” (Act No. 44 of June 21, 1988, as amended) to (i) authorize the sale of the securities deposited in the Corpus Account of the Infrastructure Development Fund, (ii) establish the portion of the net product of said sale that shall remain deposited in the Corpus Account; and authorize various other uses.
January 14, 2009 - Act No. 2 - To amend the “Commonwealth of Puerto Rico Government Fiscal Reform Act of 2006” (Act No. 103 of May 25, 2006) to suspend for two fiscal years, until June 30, 2011, the prohibition to use debts, loans, or any other financing mechanism to cover operating expenses.
January 14, 2009 - Act No. 1 - To amend the “Dedicated Sales Tax Fund Act” (Act No. 91 of May 13, 2006, as amended) to increase the amount of revenues from the sales and use tax to be deposited into the Dedicated Sales Tax Fund and to authorize the Puerto Rico Sales Tax Financing Corporation to use the proceeds of any bond issue whose repayment is backed by such revenues to cover operating expenses of the Commonwealth of Puerto Rico for FYs 2008-2009, 2009-2010 and 2010-2011.
2006

May 25, 2006 - Act No. 103 - To implement the Fiscal Reform of the Commonwealth of P.R. of 2006.
May 13, 2006 - Act. No. 91 - To create the Urgent Interest Fund>
May 13, 2006 - Act No. 90 - To authorize the GDB to grant a loan to the Department of the Treasury to cover the payroll of the central government and its deficit for fiscal year 2005-2006.
May 13, 2006 - Act No. 89 - To amend the "P.R. Internal Revenue Code of 1994"
May 13, 2006 - Act No. 88 - To amend the "Tax Incentives Act of 1998" to increase the tax rate to be withheld on royalties paid to persons not residing in P.R.
May 13, 2006 - Act No. 87 - To create the "Act for the Integration of Incentivized Revenues To Cover Insufficiencies Due to Excess in Government Spending and Give Fiscal Attention to the Finances of the State"
May 13, 2006 - Act No. 86 - To order OMB to study the development and implementation of a Certification Information System so government agencies can process and access information under the custody of other government agencies.
May 2, 2006 - Act No. 80 - To amend Sections 1, 3, 8 and 9 of Act No. 160 of December 21, 2005, to extend the term of the Incentive for the Speedy Payment of Fines until June 30, 2006, and for other purposes.
2005

December 21, 2005 - Act No. 160 - To authorize the Secretary of the Treasury together with the Secretary of the Department of Transportation and Public Works to establish, for a sixty (60) day term, an incentive for the speedy payment of fines for violations of Act No. 22 of January 7, 2000, known as the Puerto Rico Vehicle and Traffic Act...

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