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Assisted Living Developer
Tax incentive for assisted living facility development in Puerto Rico, supporting senior care housing.
10 min
•
Section Code:
2071.01(5)
•
Purpose:
Infrastructure — 2071.01(5)
Overview
The Assisted Living Developer designation under Section 2071.01(5) of Act 60-2019, as amended, provides preferential tax treatment for development of assisted living facilities in Puerto Rico. This designation supports residential care facilities for seniors and individuals requiring assisted living services.
Qualifying assisted living developers may receive reduced corporate income tax rates, property tax exemptions, and municipal tax relief. The program attracts developers and operators of senior housing and assisted living facilities.
The key distinction of this designation is its focus on assisted living rather than independent senior housing or nursing homes. Assisted living provides residential care with support services for daily living activities.
Puerto Rico's aging population creates demand for assisted living facilities. The incentive supports private development of senior care infrastructure.
Key Benefits
Reduced Corporate Income Tax Rate
Assisted living developers may receive reduced corporate income tax rates on facility operations income.
Property Tax Exemptions
Facilities receive exemptions from property taxes on assisted living buildings, equipment, and land.
Municipal Tax Exemptions
Developers may receive exemptions from municipal license taxes and reduced construction excise taxes.
Growing Market Demand
Demographic trends support assisted living facility demand.
Healthcare Sector Integration
Assisted living facilities contribute to senior care infrastructure.
Requirements & Obligations
Assisted Living Requirements
Facilities must meet assisted living standards including residential units, care services, and regulatory compliance.
Licensing
Assisted living facilities require healthcare licensing and regulatory compliance.
Care Standards
Facilities must maintain appropriate care standards and staffing.
Employment
Assisted living creates employment for care staff and management.
Reporting
Annual reports document facility operations and regulatory compliance.
How to Apply
The application process typically requires eight (8) to eighteen (18) months.
Developers begin with facility planning and site selection. Applications include facility plans, care service descriptions, and financial projections.
Review evaluates facility viability and care capability.
Upon approval, decrees specify terms. Healthcare licensing must be obtained.
This information is educational and should not be considered legal or tax advice. Applicants should consult with qualified legal and tax professionals familiar with Puerto Rico incentive programs before making any business decisions or submitting applications.
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