New Tax Incentive Aims to Revitalize Abandoned Commercial Spaces in Santurce

Rep. Ángel Morey Noble has introduced a bill proposing a 10-year income tax exemption for the rehabilitation of abandoned commercial properties. This initiative, titled the ‘Law to Incentivize the Rehabilitation of Abandoned Commercial Structures and Public Nuisances,’ seeks to stimulate commercial activity in areas like Santurce, where many buildings have been vacant and deteriorating for years.

To qualify for the tax incentive, owners must invest at least $150,000 or 30% of the appraised value of the structure, including the land, in the rehabilitation project. The tax benefit will apply to income received from the commercial lease for 10 years, starting from the first rent payment after the issuance of the occupancy permit. The bill also includes provisions for transparency, requiring the Treasury secretary to submit an annual report detailing the implementation of the law.

This measure is particularly relevant for expats and digital nomads living in Santurce, as it could bring new life to abandoned spaces, potentially creating new opportunities for business and economic growth in the area.