arrow_back Back to App

Closing Puerto Rico Tax Loophole: Impact on Housing Market

This bill aims to close a legal loophole that allows wealthy individuals to avoid paying federal taxes in Puerto Rico. The goal is to address issues like high housing costs and displacement of residents, which are exacerbated by the influx of people taking advantage of these tax breaks. It seeks to ensure a fairer tax system and improve living conditions for the island's long-term residents.
Key points
Proposal aims to eliminate the ability for individuals to avoid federal taxes by relocating to Puerto Rico.
Changes are intended to help lower housing prices and increase housing availability for Puerto Rico residents.
The bill seeks to counteract displacement and negative impacts of wealthy individuals moving to the island.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HRES_1553
Sponsor: Rep. Ramirez, Delia C. [D-IL-3]
Process start date: 2024-10-25
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Expressing the sense that the House of Representatives must take responsible and timely action to address the Federal tax loophole that allows Act 22 decree holders to legally evade Federal taxes.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HRES_1553.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-10-25.

What are the main provisions?

Key points include:

  • Proposal aims to eliminate the ability for individuals to avoid federal taxes by relocating to Puerto Rico.
  • Changes are intended to help lower housing prices and increase housing availability for Puerto Rico residents.
  • The bill seeks to counteract displacement and negative impacts of wealthy individuals moving to the island.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Ramirez, Delia C. [D-IL-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Taxes Real Estate Migration