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An Overview of the Special Tax Rules Related to Puerto Rico and an Analysis of the Tax and Economic Policy Implications of Recent Legislative Options
AN OVERVIEW OF THE SPECIAL TAX RULES RELATED TO PUERTO RICO AND AN ANALYSIS OF THE TAX AND ECONOMIC POLICY IMPLICATIONS OF RECENT LEGISLATIVE OPTIONS ____________ Prepared by the Staff of the JOINT COMMITTEE ON TAXATION June 23, 2006 JCX-24-06 Contents Page INTRODUCTION .......................................................................................................................... 1 I. EXECUTIVE SUMMARY............................................................................................. 2 A. Introduction................................................................................................................ 2 B. Overview of the U.S. Tax and Non-Tax Rules Related to U.S. Possessions............. 2 C. Special Tax Rules Related to Puerto Rico ................................................................. 3 D. Statehood, Commonwealth, and Independence Status .............................................. 5 E. Economic Analysis.................................................................................................... 5 F. Legislative Options.................................................................................................... 6 II. PRESENT LAW TAX PROVISIONS RELATED TO PUERTO RICO AND OTHER U.S. POSSESSIONS ....................................................................................... 13 A. Overview of U.S. Tax Provisions Relating to Puerto Rico...................................... 13 1. In general.......................................................................................................... -
Protected Areas by Management 9
Unted States p Forest Department a Service DRNA of Agriculture g P r o t e c t e d N a t u r a l A r e a s o f P u e r to R i c o K E E P I N G C O M M ON S P E C I E S C O M M O N PRGAP ANALYSIS PROJECT William A. Gould, Maya Quiñones, Mariano Solórzano, Waldemar Alcobas, and Caryl Alarcón IITF GIS and Remote Sensing Lab A center for tropical landscape analysis U.S. Department of Agriculture, Forest Service, International Institute of Tropical Forestry . o c 67°30'0"W 67°20'0"W 67°10'0"W 67°0'0"W 66°50'0"W 66°40'0"W 66°30'0"W 66°20'0"W 66°10'0"W 66°0'0"W 65°50'0"W 65°40'0"W 65°30'0"W 65°20'0"W i R o t rotection of natural areas is essential to conserving biodiversity and r e u P maintaining ecosystem services. Benefits and services provided by natural United , Protected areas by management 9 States 1 areas are complex, interwoven, life-sustaining, and necessary for a healthy A t l a n t i c O c e a n 1 1 - 6 environment and a sustainable future (Daily et al. 1997). They include 2 9 0 clean water and air, sustainable wildlife populations and habitats, stable slopes, The Bahamas 0 P ccccccc R P productive soils, genetic reservoirs, recreational opportunities, and spiritual refugia. -
The House Report
821) CONGRESS OUSE OF REPRESENTATIVES '.' REPOR d Session f No. 1832 APPROVING THE CONSTITUTION OF THE COMMON- WEALTH OF PUERTO RICO WHICH WAS ADOPTED BY TIHE PEOPLE OF PUERTO RICO ON MARCH 3, 1952 ArnI. 30, 1952.-Committed to tho Committee of the Whole House on the State of tho Union and ordered to be printed Mr. MURDOCK, from the Committee on Interior and Insular Affairs, submitted the following R E P O R T [To accompany II. J. Res. 430] The Committee on Interior and Insular Affairs, to whom was referred the joint resolution (II. J. Res. 430) approving the Constitution of tlhe Commonwealth of Puerto Rico which was adopted by the people of Puerto Rico on March 3, 1952, having considered the same, report favorably thereon without amendmenCl(lllt and recommend that the joint resolution (10 pass. The enactment into law of House Joint Resolution 430, which approves the Constitution of Puerto Rico adopted by thlo people of Puerto Rico in a referendum on March 3, 1952, constitutes the latest of a series of enactments through which the Federal Government lias provided ever-increasing self-government in Puerto Rico. ADVANCEIMENT' OF 8ISELF-GOVERINMIENT IN PU1EWITO rICO Puerto Rico was coded to the United States by Spain under the terms of the Treaty of Paris in 1898, which followed the Spanish- American War. The island continued under military government of the United States until Congress passed the Foraker Act in 1900, which was an act temporarily to provide revenues tand civil govern- mont for Puerto Rico. Under this first organic act the affairs of Puerto Rico were administered by a Governor appointed by the President of the United States and six department heads and justices of the supreme court, likewise appointed by the Prjinlent. -
Special Source Rules Applicable to Certain Gains of Former United States Residents ° 1
Tax Special source rules Residents applicable to certain gains Taxpayers of former United States residents March 22, 2021 Note: All legal references are to applicable sections of the United States Internal Revenue Code of 1986 and the regulations issued thereunder, unless expressly stated otherwise. One of the appealing aspects of becoming a bona fide resident of Puerto Rico (“BFR-PR”) from a tax perspective lies in the United States federal tax treatment of certain items of income derived by Puerto Rico residents. This article focuses on the federal income tax implications of certain capital gains derived by a new BFR-PR that previously resided in the United States. As a general rule, capital gains on the sale or exchange of personal property by a BFR-PR are excluded from US income tax under §933 and §865(a). However, special rules apply to gains resulting from the sale of certain property owned by the individual before establishing Puerto Rico residency (“Previously Owned Property”) and sold within 10 years of the move. Any individual that falls within the scope of these rules should understand its tax impact and prepare to report gains derived from transactions of Previously Owned Property in the corresponding income tax return. This reading does not pretend to offer an extensive discussion of all questions that may arise in connection to Previously Owned Property and a new BFR-PR. Instead, our intention is to provide some basic guidance on the federal tax implications that the sale of Previously Caroline López, CPA, Esq. Owned Property may trigger to some BFR-PR and provide a general overview of the interplay Tax Manager of these rules with virtual currencies. -
Puerto Rico Coastal Zone Management Program
Puerto Rico Coastal Zone Management Program Revision and update September, 2009 CONTENTS Introduction................................................................................................................................................. 1 2.1 Sustainable Development ........................................................................................................................................ 4 2.1 Watershed as a Planning Unit ................................................................................................................................ 6 2.1 Non-point sources of pollution as a critical issue.......................................................................................... 6 Chapter I. Overview of Puerto Rico’s Coastal Zone .................................................................. 9 1.1 General Physical Characteristics ............................................................................................................................... 9 1.1.1 Origin and composition of the island ....................................................................................................... 9 1.1.2 The Island’s climate ....................................................................................................................................... 10 1.1.3 Natural systems ............................................................................................................................................... 14 1.1.4 Description of coastal sectors .................................................................................................................. -
An Introduction to Puerto Rico
This page was intentionally left in blank. 2 Table of Contents Chapter 1: An Introduction to Puerto Rico .................................................... 8 1. Historical Overview .......................................................................................................... 8 2. Geography ....................................................................................................................... 8 3. Government Systems ...................................................................................................... 8 4. Demographics.................................................................................................................. 9 5. Language ......................................................................................................................... 9 6. Currency and Monetary Policy ...................................................................................... 10 7. Macroeconomic Overview and Key Indicators ............................................................ 10 A. Gross Domestic Product (GDP) ........................................................................... 10 B. Work Force ............................................................................................................ 11 C. External Trade ....................................................................................................... 11 D. Retail Sales.............................................................................................................11 E. Consumer Price Index -
Incentive Regulation Code English AK
GOVERNMENT OF PUERTO RICO DEPARTMENT OF ECONOMIC DEVELOPMENT AND COMMERCE SAN JUAN, PUERTO RICO INCENTIVE REGULATION MO-DEC-013 SEPTEMBER 2020 TABLE OF CONTENTS CONTENT PAGES PREAMBLE 5 SUBTITLE A. - GENERAL PROVISIONS 7 Ar6cle 1000.01-1. - Title 7 Ar6cle 1000.01-2. - Legal Basis 7 Ar6cle 1000.01-3. - Scope 7 Ar6cle 1000.01-4. - Purpose 7 Ar6cle 1000.01-5. - Terms Used 8 Ar6cle 1000.02-1. - Classifica6on 8 Ar6cle 1000.02-2. - Organiza6on 8 Ar6cle 1000.04(e)-1. - Most Favorable Terms and Condi6ons; Interrela6onship with other Laws 9 CHAPTER 1. - RESERVED 10 CHAPTER 2 - DEFINITIONS 10 SUBCHAPTER A. - GENERAL DEFINITIONS 10 SUBCHAPTER B. - DEFINITIONS APPLICABLE TO INDIVIDUALS 25 SUBCHAPTER C. - DEFINITIONS APPLICABLE TO EXPORTS OF GOODS AND SERVICES 27 SUBCHAPTER D. - DEFINITIONS APPLICABLE TO FINANCE, INVESTMENT AND INSURANCE 34 SUBCHAPTER E. - DEFINITIONS APPLICABLE TO VISITOR ECONOMY 35 SUBCHAPTER F. - DEFINITIONS APPLICABLE TO MANUFACTURING 54 SUBCHAPTER G. - DEFINITIONS APPLICABLE TO INFRASTRUCTURE AND GREEN OR HIGHLY EFFICIENT ENERGY 55 SUBCHAPTER H. - DEFINITIONS APPLICABLE TO AGRO-INDUSTRIES 56 SUBCHAPTER I. - DEFINITIONS APPLICABLE TO CREATIVE INDUSTRIES 59 SUBCHAPTER J. - DEFINITIONS APPLICABLE TO OTHER INDUSTRIES 63 SUBTITLE B. - ECONOMIC DEVELOPMENT INCENTIVES 65 CHAPTER 1. - INCENTIVES OF GENERAL APPLICATION 65 SUBCHAPTER A. - GENERAL RULE ` 65 SUBCHAPTER B. - SMALL AND MEDIUM-SIZED ENTERPRISES (SMES) 66 SUBCHAPTER C. - VIEQUES AND CULEBRA 67 SUBCHAPTER D. - OTHER INCENTIVES 68 CHAPTER 2. - INDIVIDUALS 71 SUBCHAPTER A. - ELIGIBILITY 71 SUBCHAPTER B. - RESERVED 74 SUBCHAPTER C. - REGISTRATION FOR THE CONCESSION OF EXEMPTION 74 SUBCHAPTER D. - SPECIAL PROVISIONS 74 CHAPTER 3. - EXPORT OF GOODS AND SERVICES 75 SUBCHAPTER A. - ELIGIBILITY 75 SUBCHAPTER B. -
A Cruising Guide to Puerto Rico
A Cruising Guide to Puerto Rico Ed. 1.0 by Frank Virgintino Flag of Puerto Rico Copyright © 2012 by Frank Virgintino. All rights reserved. www.freecruisingguides.com A Cruising Guide to Puerto Rico, Ed. 1.0 www.freecruisingguides.com 2 Table of Contents ACKNOWLEDGEMENTS ............................................................. 10 1. PREFACE AND PORT REFERENCES ....................................... 12 SOUTH COAST ......................................................................... 13 EAST COAST ............................................................................ 14 Mainland ................................................................................ 14 Islands .................................................................................... 15 NORTH COAST ......................................................................... 15 WEST COAST ........................................................................... 16 2. INTRODUCING PUERTO RICO ................................................ 17 SAILING DIRECTIONS TO PUERTO RICO .............................. 17 From North: ............................................................................ 17 From South: ............................................................................ 21 From East: .............................................................................. 22 From West: ............................................................................. 22 PUERTO RICAN CULTURE ...................................................... 23 SERVICES -
V0513001 a Portadapr (Page 1)
DOMINGO, 13 DE MAYO DE 2012 / AÑO XXXVIII / NÚM.11771 / SAN JUAN, PUERTO RICO 93¢ LOCALES A Fortaleza DEPORTES LeBron celebra su enmienda a fianzas tercer MVP y se prepara para Indiana P51 de asesinos P5 escenario weekned Gina Levis en su faceta de madre Revela detalles de su pasión más grande: sus cinco hijos Sí,Sí, los los políticos políticos tambiéntambién tienentienen madremadre En pleno fragor de la campaña eleccionaria, los políticos puertorriqueños hacen una pausa para honrar al ser que les dio la vida P3/4 Ahorre miles estirando su dólar P3 2 EL VOCERO / domingo, 13 de mayo de 2012 EL VOCERO / domingo, 13 de mayo de 2012 3 INDICE 34 Clasificados 40 Esquelas 28 Crucigrama 33 Horóscopo 41 Deportes 18 Negocios 39 Empleos 22 Vox 29 Escenario LOS POLÍTICOS Cómo celebrarán Las Madres Morry Gash JACKELINE DEL TORO CORDERO EL VOCERO AP / DEPORTES En Puerto Rico, el Día de las Madres es una de las celebraciones de más arraigo en nuestro calendario, y que provoca reuniones Primer ‘grand y celebraciones familiares, y en la política no es la excepción. slam’ de Edwin Así es como celebrarán algunos de los políticos: Maysonet P46 Estire su dólar Por ciento de ahorro Cuando hablamos de planifi- cación económica familiar, la capacidad de ahorro es el eje Alejandro García Padilla central del exito.Del ingreso, el Luis Fortuño punto óptimo de ahorro es un Candidato PPD a la Gobernación 10%, lo ideal sería llegar a un Gobernador de Puerto Rico 25%. Las ventajas a largo plazo: Es una fecha especial. -
U.S. Tax Imperialism
Seattle University School of Law Digital Commons Faculty Scholarship 2015 U.S. Tax Imperialism Diane Lourdes Dick Follow this and additional works at: https://digitalcommons.law.seattleu.edu/faculty Part of the Tax Law Commons Recommended Citation Diane Lourdes Dick, U.S. Tax Imperialism, 65 Am. U. L. Rev. 1 (2015). https://digitalcommons.law.seattleu.edu/faculty/729 This Article is brought to you for free and open access by Seattle University School of Law Digital Commons. It has been accepted for inclusion in Faculty Scholarship by an authorized administrator of Seattle University School of Law Digital Commons. For more information, please contact [email protected]. ARTICLES U.S. TAX IMPERIALISM IN PUERTO RICO DIANE LOURDES DICK* This Article uses historical and legal analysis to demonstrate how U.S. domination over Puerto Rico's tax and fiscal policies has been the centerpiece of a colonial system and an especially destructive form of economic imperialism. Specifically, this Article develops a novel theory of U.S. tax imperialism in Puerto Rico, chronicling the sundry ways in which the United States has used tax laws to exert economic dominance over its less developed island colony. During the colonial period, U.S. officials wrote and revised Puerto Rican tax laws to serve U.S. economic interests. In more recent years, U.S. tax laws have disadvantagedPuerto Ricans, who still lack voting rights and full democratic representation in Congress. A theory of tax imperialism may also have applicationfar beyond the U.S.-Puerto Rican experience. For instance, it may help us understand the relationships between the United States and its other possessions and territories throughout history, and between the United Kingdom and its British Crown dependencies, overseas territories, and newly-independent colonies. -
Puerto Rico: Continuing Socio-Economic Deterioration and the Need for Change
PUERTO RICO: CONTINUING SOCIO-ECONOMIC DETERIORATION AND THE NEED FOR CHANGE J. Tomas Hexner President of Hex, Inc. Founder and director, Science Initiative Group at the Institute for Advanced Study at Princeton, New Jersey Arthur MacEwan Professor Emeritus of Economics at the University of Massachusetts Boston Development Discussion Paper: 2017-12 ABSTRACT The long-run decline of the Puerto Rican economy, predating the recession of the last decade, is evident in the relative stagnation that emerged from 1980 onward. The roots of both the relative stagnation and the long recession lie in the political status of the island. The option of statehood, however, can be the foundation for a new era of economic expansion. The long-lasting economic problems of Puerto Rico are evidenced by several measures: the low rate of economic growth, the high unemployment rate and the low labor force participation rate, the falling investment rate, the high poverty level, the extreme degree of economic inequality, and the massive exodus to the states. And, of course, there is the very high—crisis level— amount of public debt. In addition and of central importance, the poor treatment of Puerto Rico relative to the states by the U.S. government has contributed to the economic situation on the island and demonstrates the role of status in bringing about economic weakness and decline. The popular belief that Puerto Rico receives ―generous‖ treatment from Washington is belied by the data. Moreover, while many observers viewed Puerto Rico as an economic success story during the late 1900s, this view erred in measuring success by the growth of GDP instead of GNP, the former including the profits of firms based off the island (mainly in the U.S.) and not providing a measure of economic conditions of Puerto Rican people of firms. -
Puerto Rico Electric Power Authorit
NEPR Received: COMMONWEALTH OF PUERTO RICO Jun 3, 2021 PUBLIC SERVICE REGULATORY BOARD PUERTO RICO ENERGY BUREAU 4:38 PM IN RE: PUERTO RICO ELECTRIC POWER CASE NO.: NEPR-MI-2019-0006 AUTHORITY’S EMERGENCY RESPONSE PLAN SUBJECT: Submission of Annexes to Emergency Response Plan MOTION SUBMITING ANNEXES A, B AND C TO LUMA’S EMERGENCY RESPONSE PLAN TO THE HONORABLE PUERTO RICO ENERGY BUREAU: COME NOW LUMA Energy, LLC (“ManagementCo”)1, and LUMA Energy ServCo, LLC (“ServCo”)2, (jointly referred to as “LUMA”), and, through the undersigned legal counsel, respectfully submit the following: 1. LUMA respectfully informs that due to an involuntary omission, the pdf of the Emergency Response Plan (ERP) that was filed on May 31, 2021 with this honorable Puerto Rico Energy Bureau, omitted Annex A (Major Outage Restoration), Annex B (Fire Response) and Annex C (Earthquake Response) to the ERP. 2. LUMA hereby submits Annexes A, B and C to the ERP. See Exhibit 1. 3. To protect personal identifying information of LUMA personnel, the signature and name of the LUMA officer that is identified in each of the Annexes (page 5 of Annex A, Annex B and Annex C), were redacted. LUMA hereby requests that the referenced signature and name be kept confidential in accordance with Section 6.15 of Act 57-2014 (providing, that: “[i]f any person who is required to submit information to the Energy Commission believes that the information to 1 Register No. 439372. 2 Register No. 439373. -1 be submitted has any confidentiality privilege, such person may request the Commission to treat such information as such .