Legislative History
| House Bill/Resolution NO. House Bill No. 1366, 12th Congress of the Republic |
| FULL TITLE : AN ACT EXEMPTING FROM INCOME TAXATION CERTAIN RENTALS ON RESIDENTIAL/APA RTMENT OR OTHER DWELLING UNITS, ALLOWING THEM TO BE DEDUCTIBLE FROM TAXATION FIXED INCOME OF THE TENANTS OR INDIVIDUALS WHO PAY SAID RENTALS |
| ABSTRACT : Rentals or leases paid during a taxable period by tenants or individuals for occupancy of residential/apa rtment or dwelling units shall be exempted from internal revenue tax and shall be deductible from their taxable fixed income earned during thesaid taxable period: Provided, that the amount of rentals or leases covered by such exemption shall not exceed Five Thousand Pesos (P5,000.00) per month for those residing within Metro Manila, Two Thousand Five Hundred Pesos (P2,500.00) per month forthose residing outside of Matro Manila: and Provided, further that such payments are duly covered by valid rental or lease contract agreement/s for occupancy of the residential/apa rtment or dwelling unit/s and by official receipts indicating paymennt of rentals/leases for purposes of establishing authenticity of claims for tax exemptions. |
| PRINCIPAL AUTHOR/S : PICHAY, PROSPERO JR. A. |
| DATE FILED : 2001-07-24 |
| SIGNIFICANCE: NATIONAL |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2001-07-30 |
Abstract
Rentals or leases paid during a taxable period by tenants or individuals for occupancy of residential/apa rtment or dwelling units shall be exempted from internal revenue tax and shall be deductible from their taxable fixed income earned during thesaid taxable period: Provided, that the amount of rentals or leases covered by such exemption shall not exceed Five Thousand Pesos (P5,000.00) per month for those residing within Metro Manila, Two Thousand Five Hundred Pesos (P2,500.00) per month forthose residing outside of Matro Manila: and Provided, further that such payments are duly covered by valid rental or lease contract agreement/s for occupancy of the residential/apa rtment or dwelling unit/s and by official receipts indicating paymennt of rentals/leases for purposes of establishing authenticity of claims for tax exemptions.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.