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Puerto Rico / Territory / 2024 session

Ley 191-2024 Complete income tax exemption for a military pension

Catalog reconciledEnactedProgram created

Signed Takes effect

Expands benefits Exempts a resident retired veteran's military pension from Puerto Rico income tax in full from tax year 2025, and points the $1,500 veteran exemption at other income.

Added a paragraph granting a complete exemption from Puerto Rico income tax on military pension income, claimable from tax year 2025, for a person who is a veteran as defined in Ley 203-2007, is a retired member of the U.S. Armed Forces, and is a resident of Puerto Rico. Hacienda instructions had already treated the pension as exempt; this put it on a statutory footing. The act gave Hacienda and the Procurador del Veterano 180 days to promulgate regulations, so ask for the current one.

Progress

Path to law: Bill in a two-chamber legislature

  1. Introduced Done, House
  2. In committee Done, House Hacienda y Presupuesto, then Senate Hacienda, Asuntos Federales y Junta de Supervisión Fiscal
  3. Passed one chamber Done, House, 37-0
  4. Passed both chambers Done, Senate passed it amended 21-2 on June 24; House concurred 47-2
  5. Signed by the governor Done,
  6. In effect Done, On approval; the exemption is claimed from tax year 2025

Sponsors

  • Joel Sánchez AyalaSponsor, Popular Democratic, House, District 20
  • Jesús A. Hernández ArroyoCo-sponsor, Popular Democratic, House, District 26
  • José F. Aponte HernándezCo-sponsor, New Progressive, House, At-large
  • Rafael Hernández MontañezCo-sponsor, Popular Democratic, House, District 11

What it touches

  • Código de Rentas Internas de 2011, Sec. 1033.18(a)

Catalog entry

Official record

Read Ley 191-2024 on the jurisdiction's own record