reglab/statecodes huggingface dataset:
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART V - Municipal Development (§§ 5001 — 5216) › Chapter 123 - Special Act for the Development of Castañer (§§ 5201 — 5216) › § 5209 - Deductions for rent

Every business or industry that is established in a special planning zone in Castañer within a period of fifteen (15) years, from the date said zone was designated, shall be entitled to a special deduction for income tax purposes, equal to fifteen percent (15%) of the rent paid. This deduction shall be in addition to any other deduction granted by any law. This deduction shall not be available for successor businesses.
History —Mar. 15, 1996, No. 14, § 11; Aug. 10, 2009, No. 65, § 4.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART V - Municipal Development (§§ 5001 — 5216) › Chapter 123 - Special Act for the Development of Castañer (§§ 5201 — 5216) › § 5210 - Exemption for proceeds from certain activities

(a) A ninety percent (90%) income tax exemption is hereby granted to individuals, corporations or associations of the proceeds of the sale tickets to artisan, agricultural, artistic and cultural fairs and sports events, provided the following requirements are met:
(1) The activity or event has to be held within one of the special zones designated by the Board, pursuant to this chapter.
(2) At least fifty percent (50%) of the persons employed for this activity or event by the person who claims the exemption, shall be bona fide residents of Castañer.
(b) The Department of the Treasury shall establish through regulations, the procedures to enjoy the exemptions.
History —Mar. 15, 1996, No. 14, § 12.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART V - Municipal Development (§§ 5001 — 5216) › Chapter 123 - Special Act for the Development of Castañer (§§ 5201 — 5216) › § 5211 - Other tax incentives

The following tax benefits shall be provided to the persons or entities that invest or contribute to the development of Castañer.
(a) All donations made to associations or entities of a recreational or cultural nature, established and operating in Castañer shall be treated as donations made to nonprofit entities, pursuant to the Puerto Rico Internal Revenue Code regarding the limitation of donations.
(b) The organization of an “Investment Capital Fund for Castañer” shall be permitted, pursuant to the provisions of §§ 1241 et seq. of Title 7, known as the “Investment Capital Fund Act”, §§ 1320 et seq. of Title 12, known as the “Act for the Reduction and Recycling of Solid Waste in Puerto Rico”, §§ 693 et seq. of this title, known as the “Tourist Incentives Act” and §§ 10401 et seq. of Title 13, known as the “Agricultural Tax Incentives Act.”
(c) The use of accelerated depreciation methods shall be allowed to recover the cost of new construction, substantial rehabilitation and improvements in eligible properties.
(d) The Municipalities of Lares, Adjuntas and Yauco shall approve municipal ordinances granting additional incentives, regarding the payment of the municipal licenses, personal property tax rates and others.
History —Mar. 15, 1996, No. 14, § 13.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART V - Municipal Development (§§ 5001 — 5216) › Chapter 123 - Special Act for the Development of Castañer (§§ 5201 — 5216) › § 5213 - Other provisions

The Department of the Treasury, the Municipal Revenues Collection Center, the Economic Development Bank, the Government Development Bank, the Planning Board and the Regulations and Permits Administration, are hereby authorized to approve rules and regulations to comply with the provisions of this chapter, in those aspects of their concern, pursuant to what has been provided herein, as well as any other agency the Planning Board deems should be authorized to these effects.
History —Mar. 15, 1996, No. 14, § 15.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART V - Municipal Development (§§ 5001 — 5216) › Chapter 123 - Special Act for the Development of Castañer (§§ 5201 — 5216) › § 5214 - Disclosure

It shall be the duty of the Board and of the Department of the Treasury to take all the measures needed to disclose the existence of this chapter to the citizenry and of the exemptions and benefits granted therein, so that the citizenry may benefit hereby.
This matter shall be attended to immediately after the approval of this act, giving strict compliance to the provisions established herein.
History —Mar. 15, 1996, No. 14, § 16.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART V - Municipal Development (§§ 5001 — 5216) › Chapter 123 - Special Act for the Development of Castañer (§§ 5201 — 5216) › § 5215 - Evaluation

The President of the Planning Board and the Secretary of the Treasury shall submit a report to the Legislature two (2) years after the tax exemptions granted by this chapter have been in effect. Said report shall include an analysis of the tax effect established by this chapter on the development of Castañer, as well as an inventory of the businesses and industries established in Castañer and the number of jobs generated thereby. The report shall also include any other pertinent information for the Legislature to make a complete evaluation of the effect, through the measures and incentives created by this chapter. The report submitted shall also include recommendations on the desirability, if any, of additional measures for the development of Castañer.
History —Mar. 15, 1996, No. 14, § 17.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART V - Municipal Development (§§ 5001 — 5216) › Chapter 123 - Special Act for the Development of Castañer (§§ 5201 — 5216) › § 5216 - Time to claim incentives, deductions, and other benefits

The incentives, deductions, and other benefits granted by virtue of §§ 5204, 5208 and 5209 of this title may be claimed during taxable years beginning before January 1 st, 2015.
History —Mar. 15, 1996, No. 14, added as § 19 on Nov. 17, 2015, No. 187, § 54.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter II - Exemptions; Administration (§§ 6011 — 6018) › § 6012 - Exemptions—Extension of exemption period

Any exempt business may apply for an extension of the exemption period approved under this chapter for an additional ten (10)-year period, upon filing an application with the Director in the manner prescribed by the Director, not later than the due date set by the Puerto Rico Internal Revenue Code of 1994, as amended, to file its income tax return for the last taxable year within the exemption period, including any time extension granted by the Secretary for the filing thereof.
The Director shall follow the procedures described in § 6017(c) of this title and shall also determine whether said exemption is essential for the development of the tourist industry taking into account the facts presented, the nature of the physical facilities, the number of jobs, the total payroll, the total investment, the location of the project, its environmental impact, the reinvestment in the exempt business of part or all of the depreciation taken as a tax deduction, or other facts that, in his/her judgment, warrant such determination.
During the ten (10) year extension granted under this section, the exemption rates shall be those determined in § 6011 of this title.
No applications for extensions of the exemption period provided in this chapter shall be accepted after the effective date of the Puerto Rico Tourism Development Act of 2010.
All applications for extension of the exemption period under this section that has been filed before the effective date of the Puerto Rico Tourism Development Act of 2010 shall be deemed to be an application filed pursuant to the Puerto Rico Tourism Development Act of 2010. The Director may request additional information regarding such application as he/she may deem pertinent.
History —Sept. 10, 1993, No. 78, § 4; July 10, 2010, No. 74, § 18.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter II - Exemptions; Administration (§§ 6011 — 6018) › § 6015 - Transfer of the exempted business

(a) General rule. — The transfer of the concession obtained hereinunder, or of stock, shares or property, or under any majority proprietary interest of an exempted business to another person who will, in turn, continue to engage in the tourist-related activity to which the exempted business was formerly engaged in a manner substantially similar to that of the exempted business at the time of the transfer, shall require the prior approval of the Director. If the transfer is made without the prior approval, the concession shall be void at the time the transfer takes place. Notwithstanding the above, the Director may approve any transfer made without his/her approval retroactively when, in his/her judgment, the circumstances of the case merit said approval, taking into account the best interests of Puerto Rico and the tourist industry development purposes of this chapter. Any petition for transfer under this section must be approved or denied within the sixty (60) days following the filing thereof. Any petition for transfer that is not approved or denied within this period shall be deemed to have been approved. The denial of a petition for transfer shall be made in writing and shall also itemize the reasons for which the same is denied.
(b) Exceptions. — The following transfers shall be authorized without the need of prior consent:
(1) The transfer of the estate of a deceased to his/her heirs or the transfer by bequest or inheritance;
(2) the transfer of the stock or shares of an exempted business when said transfer does not result directly or indirectly in a change in the ownership or control of the exempted business;
(3) the bond or mortgage granted in the regular course of business with the purpose of securing a bona fide debt. Any transfer of control, title or interest by virtue of said contract shall be subject to the provisions of subsection (a) of this section;
(4) the transfer to a receiver by order of law, by order of a court or a bankruptcy court judge. Any subsequent transfer to a third party who is not the same debtor or former bankrupt person, shall be subject to the provisions of subsection (a) of this section.
(c) Notice. — Any transfer included in the exceptions of subsection (b) of this section shall be reported to the Director by the exempted business within thirty (30) days after the transfer is made.
History —Sept. 10, 1993, No. 78, § 7; Jan. 8, 1994, No. 3, § 4.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter II - Exemptions; Administration (§§ 6011 — 6018) › § 6018 - Administrative decisions shall be final

(a) Any petitioner or concessionaire who is adversely affected or injured by any action by the Director or the Governor denying a duly-filed petition for the benefits of this chapter, or revoking and cancelling a concession of benefits pursuant to § 6016(b) of this title, or denying a transfer of a tax-exempt business petitioned under § 6015 of this title, shall be entitled to a judiciary review thereof, pursuant to the terms and conditions established by the regulations to be promulgated by the Director to such effects, according to the provisions of §§ 2101 et seq. of Title 3. During the arrangements for the judiciary review, the Director is hereby authorized to postpone the effective date of any action taken when, in his/her judgment, the cause of justice so requires it, under those conditions that are required and to the extent needed to prevent irreparable harm. When such postponement is requested and the same is denied, the court before which the review is requested, including the Supreme Court of Puerto Rico, may decree any needed and suitable process to postpone the effective date of any action taken by the Director, through a petition of certiorari, as is further provided, in order to preserve the status or rights of the parties until the conclusion of the review proceedings after the posting of a bond in favor of the Secretary, subject to his/her approval and for the amount of the unpaid taxes, plus interest and penalties, plus interest computed for a one (1)-year period at the prevailing legal rate.
Any decision or judgment of the Court of First Instance of Puerto Rico shall be subject to review by the Supreme Court of Puerto Rico through a certiorari petitioned by any of the parties in the manner provided by law.
History —Sept. 10, 1993, No. 78, § 10.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter III - Tourism Investment Capital Funds (§§ 6021 — 6039) › § 6021 - Operation and license; investments

(a) Operation and license. — Any trust, corporation or partnership interested in operating as a Fund must apply for and obtain a license from the Director, upon the payment of two thousand dollars ($2,000), and submit to him/her whatever information is required in the applicable regulations.
(b) Investments. — The purpose of operating a Fund shall be exclusively that of making an eligible investment. The total investment of a Fund in an eligible investment shall not exceed twenty percent (20%) of the total cost of the tourist industry project.
No duly authorized Fund may make any investment of authorized capital pursuant to the provisions of this chapter:
(1) If the exempted business in which it intends to make its eligible investment does not have an investment of capital of the investors or developers equivalent to at least twenty percent (20%) of the total cost of the tourist industry project, and
(2) without having previously obtained the endorsement and determination of eligibility of the eligible investment in which it intends to invest said capital, from the Director.
History —Sept. 10, 1993, No. 78, § 11; Jan. 8, 1994, No. 3, § 6.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter III - Tourism Investment Capital Funds (§§ 6021 — 6039) › § 6022 - Organization and corporate name

A Fund shall be organized in accordance with the laws of the Commonwealth of Puerto Rico. It shall be constituted with, and may not adopt, a denomination or corporate name identical to that of any other pre-existing Fund.
History —Sept. 10, 1993, No. 78, § 12.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter III - Tourism Investment Capital Funds (§§ 6021 — 6039) › § 6023 - Capital and roll of participants

The capital of each Fund shall consist of the money received from the persons who acquire securities of a Fund. The acquisition of securities of a Fund may only be made in cash.
Any person who manages a Fund shall keep a roll or registry of the persons who acquire securities of a Fund, including that information established by the Commissioner through regulations to such effects.
History —Sept. 10, 1993, No. 78, § 13.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter III - Tourism Investment Capital Funds (§§ 6021 — 6039) › § 6024 - Liability of the participant

The participants shall be liable for the debts or obligations of the Fund only up to the amount of the sum invested.
History —Sept. 10, 1993, No. 78, § 14.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter III - Tourism Investment Capital Funds (§§ 6021 — 6039) › § 6026 - Report, obligation to submit

Every Fund shall file the reports required by the Commissioner, who shall be responsible for regulating the content of said reports and the date on which these shall be filed. The Commissioner shall remit a true and exact copy of said reports to the Director and to the Secretary within thirty (30) days following the filing date.
History —Sept. 10, 1993, No. 78, § 16.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter III - Tourism Investment Capital Funds (§§ 6021 — 6039) › § 6027 - Non-compliance of requirements, obligations and duties; authorization to liquidate

(a) Non-compliance of requirements, obligations and duties. — The Commissioner may levy and charge an administrative fine of five hundred dollars ($500) when he/she determines that the Fund did not comply with any of the requirements, obligations and duties established by this chapter or by regulations, in any particular taxable year.
When the non-compliance entails three (3) or more violations of the provisions of this chapter or of the regulations promulgated to such effects, or when three (3) or more events of non-compliance occur, the Commissioner may revoke the Fund’s license.
The procedure to levy administrative fines and to revoke licenses shall be established by regulations, and the same shall meet the minimum requirements of due process of law.
(b) Authorization to liquidate a fund. — The Commissioner shall determine when a fund can be liquidated through the procedure and those grounds which are established by regulations. Once the liquidation of a fund is authorized, the Commissioner shall inform the Director and the Secretary of it and shall furnish the information these officials may require.
History —Sept. 10, 1993, No. 78, § 17.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter III - Tourism Investment Capital Funds (§§ 6021 — 6039) › § 6028 - Taxation of a fund

(a) Tax exemption. — Any Fund that has a license issued by the Director in force during its entire taxable year or during that part of said period which is applicable to the first or last year of operations, shall be exempted of the income tax levied by §§ 8006 et seq. of Title 13 and of the tax on volume of business levied by the Municipal License Tax Act, §§ 651 et seq. of Title 21.
(b) Exemption from filing returns. — Any Fund that has a license issued by the Director in force during its entire taxable year or during that part of said period which is applicable to the first or last year of operations, shall be exempted from filing the corresponding income tax return required by §§ 8006 et seq. of Title 13 and of the statement of volume of business required under §§ 651 et seq. of Title 21.
(c) Placement of income from investments in non-tourist activities. —
(1) Within ninety (90) days following the closing date of its fiscal year, the Fund shall be bound to transfer to the Secretary, a sum equal to ninety percent (90%) of the gross income derived from investments other than eligible investments, as specified in §§ 6021 and 6032 of this title and in the regulations adopted by the Director pursuant thereto.
(2) If the Fund were not to deposit all, or part of the corresponding sum, determined pursuant to the provisions of this section within the established period of time, the undeposited balance shall earn interest that shall be computed at a rate of ten percent (10%) per annum.
History —Sept. 10, 1993, No. 78, § 18.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter III - Tourism Investment Capital Funds (§§ 6021 — 6039) › § 6029 - Taxation of participants

(a) Recovery of the investment in securities of a Fund. — Any distribution made by a Fund to the participants, including a distribution of income from non-tourist activities, shall be exempt of all income taxes and the amount of said distribution shall reduce the adjusted base the participant has in the securities of a Fund as of the date of distribution. This adjusted base shall never be reduced to less than zero.
(b) Taxation in distributions of a Fund. — Any distribution made by a Fund in excess of the base of the participant in the securities of a Fund shall be ninety percent (90%) exempt from taxation. The remaining ten percent (10%) shall be subject to taxation pursuant to the applicable provisions of §§ 8006 et seq. of Title 13.
History —Sept. 10, 1993, No. 78, § 19.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter III - Tourism Investment Capital Funds (§§ 6021 — 6039) › § 6030 - Special tax on net long-term capital gains

In the case of capital gains attributable to investment in a Fund, the tax shall be ten percent (10%) on the amount of the excess of any net long-term capital gain over any net short-term capital loss. Any individual, estate, trust, partnership or corporation that is a participant may opt to include said gain as part of the gross income in the income tax return for the year said gain is acknowledged and to pay a tax pursuant to the normal tax rates, whichever is most beneficial for the taxpayer.
The tax levied in this section shall be paid as provided in §§ 8006 et seq. of Title 13.
History —Sept. 10, 1993, No. 78, § 20.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter III - Tourism Investment Capital Funds (§§ 6021 — 6039) › § 6031 - Involuntary conversions

(a) When the Commissioner revokes the license of a fund for violations of this chapter or its regulations, or the renewal of a license of a fund that was operating pursuant to this chapter is denied, he/she shall immediately notify the Director, who may create a trust or authorize the creation of another fund which shall receive the assets and money of the former and shall continue the operations thereof.
(b)
(1) The shareholders in a fund that is liquidated or ceases to operate because of the revocation or non-renewal of its license shall receive in exchange of the securities they have in said fund, shares in the trust created by the Tourist Company, or stock or shares in the new fund authorized by the Director pursuant to what is established in subsection (a) of this section.
(2) For purposes of §§ 8006 et seq. of Title 13, the terms “involuntary conversion” and “conversion into similar property” shall include the exchange of an investment in securities of a fund for shares in a trust created by the Tourism Company, or for shares or stock in a new fund authorized by the Director pursuant to what is established in subsection (a) of this section.
(c) For the purposes of §§ 8006 et seq. of Title 13, shareholders shall not acknowledge gains nor losses on an exchange made pursuant to subsection (b) of this section in an investment in securities of a fund for a share in a trust created by the Tourism Company or for shares or stock in a fund authorized by the Director pursuant to that which is established in subsection (a) of this section.
(d) The tax base of the share in the trust created by the Tourism Company or of the shares or stock in the fund authorized by the Director, pursuant to what is established in subsection (a) of this section, shall be equal to the base the participant had in the shares or stock of the fund immediately before the exchange.
(e) The participants in a trust or fund created by the Director pursuant to the provisions of this section, shall enjoy all of the benefits and rights granted by this chapter just as if they continue[d] to be participants of the fund dissolved by the Director.
History —Sept. 10, 1993, No. 78, § 21; Jan. 8, 1994, No. 3, § 8.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter III - Tourism Investment Capital Funds (§§ 6021 — 6039) › § 6032 - Escrow account

(a) When the Director authorizes the creation of a fund, the funds received by the fund shall be deposited in an escrow account in a financial institution approved by the Commissioner. The funds shall be kept in said escrow account and shall be disbursed to the exempted business pursuant to the mechanism provided in the regulations promulgated hereinunder when the necessary financing to complete the tourist industry project is closed. If by April 15th following the date of creation of the fund, the financing for the total construction of said tourist industry project has not been closed, and an extension to close said financing has not been obtained from the Director, the license issued to the fund shall be revoked and its dissolution shall proceed. As a part of the dissolution process, the investment, together with any gain obtained from the temporary investment in the fund, shall be returned to the shareholders.
(b) Temporary investment. — The funds in the escrow account may be temporarily invested in those investments designated by the Director. The gains obtained from said temporary investments shall benefit from the exemption granted by subsections (a) and (b) of § 6028 of this title and shall not be subject to the provisions of § 6028(c) of this title.
(c) Escrow account management expenses. — The escrow account management expenses shall be the responsibility of the Developer.
History —Sept. 10, 1993, No. 78, § 22; Jan. 8, 1994, No. 3, § 9.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter III - Tourism Investment Capital Funds (§§ 6021 — 6039) › § 6033 - Gains in the sale, exchange, or other disposition

Any gains in the sale, exchange or other disposition that is not a transfer by gift or inheritance, of an investment in securities of a fund, including the transfer of an investment in securities in a fund due to the total liquidation of the complementary incentives program to which the fund belongs, shall be deemed as a capital gain and shall pay taxes pursuant to the provisions of § 6030 of this title. Nevertheless, in the event that the total amount of the proceeds of a sale, exchange or other disposition that is not a transfer by gift or inheritance, is reinvested in securities of another fund within the term of ninety (90) days from the date of said sale, exchange or other gain, said proceeds shall not be subject to taxation.
When the sale or exchange of an investment in securities of a fund in accordance with the previous paragraph, results in the non-taxation of the gains obtained in the sale or exchange of the investment in securities of a fund, upon determining the adjusted base of the share in the new securities that the participant acquires in a fund on any date following the sale of the investment in securities of a fund, the adjustments to the base shall include a reduction by an amount equal to that of the unacknowledged investment gains in securities of a fund.
History —Sept. 10, 1993, No. 78, § 23; Jan. 8, 1994, No. 3, § 10.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter III - Tourism Investment Capital Funds (§§ 6021 — 6039) › § 6034 - Transfer of title

The transfer of shares or stock in a fund shall be subject to the requirements that the Commissioner establishes through regulations.
History —Sept. 10, 1993, No. 78, § 24.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter III - Tourism Investment Capital Funds (§§ 6021 — 6039) › § 6035 - Other exemptions

(a) Tax on personal property. — The investments in securities of a fund or in shares in trusts created by the Director pursuant to § 6032 of this title shall be exempted from personal property taxes in Puerto Rico, and shall not have to be reported on the personal property tax return in Puerto Rico that the shareholder is under the obligation to file, if any.
(b) Municipal license taxes. — The distributions received from a fund or from a Trust created by the Director pursuant to § 6031 of this title shall not be deemed as “gross income”, nor shall they be comprised within the definition of “volume of business” for the purposes of §§ 651 et seq. of Title 21, known as the “Municipal License Tax Act”.
(c) Estate and gift taxes. — The shares or stock of a fund shall be deemed as an investment of property located in Puerto Rico for the purposes of §§ 9152 and 9207 of Title 13.
History —Sept. 10, 1993, No. 78, § 25; Jan. 8, 1994, No. 3, § 11.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter III - Tourism Investment Capital Funds (§§ 6021 — 6039) › § 6036 - Regulations

The Commissioner shall promulgate regulations, in addition to the others provided in this chapter, to regulate matters in relation to:
(a) The sales commissions or fees that the participants are to be charged for the purchase or sale of stock or shares;
(b) the maximum percent of the monies of a fund that may be used for or attributed to the administrative, professional and consulting services and other expenses related to its investments;
(c) the prospectus, pamphlet, circular, circular letter, announcement or any sales literature or advertising material addressed, or which is intended for distribution, to potential investors, including prospective or present clients of an investment adviser to oversee and supervise closely any kind of publicity or promotion developed by each fund, with the purpose of protecting the participants at all times, and
(d) any other rule and regulation needed to ensure compliance with this chapter and the protection of the participants.
History —Sept. 10, 1993, No. 78, § 26.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter III - Tourism Investment Capital Funds (§§ 6021 — 6039) › § 6037 - Limited liability

Notwithstanding the provisions of Civil Code referring to the obligations of the partners towards third parties, those partners of shareholders that are part of a partnership or any other juridical person organized under the laws of Puerto Rico or any other jurisdiction, that has been granted an exemption under this chapter, or any successor act of a similar nature, shall not be liable with their personal equity beyond their contribution to the juridical concessionaire entity for the debts and obligations thereof, in the event that the equity of the juridical entity is not sufficient to cover them. Provided, That said limited liability shall benefit the partners or shareholders with regard to all the activities of the juridical person, including, but without being limited to:
(a) Claims arising from tourist activities that are subject to said concession;
(b) activities related to the liquidation and termination of said activity;
(c) activities related to the availability and transfer of the property used therein, and
(d) activities related to the operation of any casino that operates under a franchise granted pursuant to §§ 71 et seq. of Title 15. Provided, further, That the benefit of the limited liability provided hereby shall commence on the filing date of an application for exemption under this chapter, and shall apply to any cause of action that arises from facts occurring before the juridical entity is dissolved.
History —Sept. 10, 1993, No. 78, added as § 27A on Jan. 8, 1994, No. 3, § 13; Dec. 20, 1997, No. 179, § 3.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter III - Tourism Investment Capital Funds (§§ 6021 — 6039) › § 6038 - Special provisions for hotels that have been acquired by the Hotel Development Corporation

Any hotel owned by the Hotel Development Corporation as of the date of approval of this act and which has been acquired from said public corporation by a private investor in the first purchase-sale transaction of the hotel after said date, may take advantage of the exemptions provided in clauses (1) through (5) of subsection (a) of § 6011 of this title without having to comply with the substantial renewal or expansion requirement for existing businesses.
In order to take advantage of the said exemptions, the person who has acquired or intends to acquire one or several of the said hotels, shall obtain a grant of exemption, upon due filing of an grant application, as established in § 6017 of this title.
For purposes of the credit provided by § 6013(a) of this title, the purchase price of any of the existing facilities of the hotels acquired by the Hotel Development Corporation, shall constitute an eligible investment, if the tourist activity that shall take place in such facilities qualifies as a new business pursuant to the provisions of § 6001(f) of this title. In the event that said eligible business does not qualify as new business pursuant to the provisions of § 6001(f) of this title, the purchase price of the existing facilities shall not constitute an eligible investment for the purposes of the credit provided by § 6013(a) of this title.
History —Sept. 10, 1993, No. 78; added as § 27B on Sept. 27, 1994, No. 114, § 6.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter III - Tourism Investment Capital Funds (§§ 6021 — 6039) › § 6039 - Interrelationship with other acts

The provisions of this chapter shall not be used in conjunction with other economic incentive or tax acts, in such a way that the result of their use in conjunction with other acts shall be the obtaining of tax benefits or of any other nature that exceed the benefits to which they would be entitled under any of the laws individually.
Notwithstanding the abovestated, a real estate investment trust with a valid election under §§ 8701—8725 of Title 13, or any analogous preceding or subsequent act, or any corporation, company, partnership, special partnership or legal entity wholly-owned, directly or indirectly by the real estate investment trust, may benefit from the provisions of this chapter, with the exception of the benefits provided in § 6011(a)(1) of this title.
History —Sept. 10, 1993, No. 78, added as § 27C on Dec. 20, 1997, No. 179, § 4; July 13, 2007, No. 67, § 1.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter V - Sustainable Tourism Development (§§ 6313 — 6326) › § 6313 - Public policy

It is hereby declared that the public policy of the Commonwealth of Puerto Rico is to propitiate the sustainable development of tourism as an instrument to educate and raise awareness in order to conserve, appreciate and experience natural resources as well as valuable environmental, cultural and historical resources in public and private natural areas with the active participation of the communities, for the enjoyment and financial well-being of present and future generations pursuant to Article VI, Section 19 of the Constitution of the Commonwealth of Puerto Rico and §§ 8001 et seq. of Title 12, known as the “Environmental Public Policy Act”.
The participation of the following public institutions of the Commonwealth of Puerto Rico is required in order to meet the purposes of this subchapter: the Puerto Rico Tourism Company; the Department of Natural and Environmental Resources; the Department of Economic Development and Commerce; the Planning Board; the Environmental Quality Board; Department of Agriculture; the Department of Education; the Government Development Bank; the Puerto Rico Economic Development Bank; the Office of Management and Budget; the Sports and Recreation Department; the Regulations and Permits Administration; the Special Communities Office; the National Parks Company; the Institute of Puerto Rican Culture; the Department of Transportation and Public Works; the Department of the Treasury; the University of Puerto Rico; and the municipal governments. Furthermore, the Executive Director, in pursuing to promote the sustainable development of tourism in Puerto Rico, shall create strategic alliances among the government, the private sector, nongovernmental and community organizations, academic research institutions, and intergovernmental institutions and organizations.
History —Nov. 30, 2006, No. 254, § 2.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter V - Sustainable Tourism Development (§§ 6313 — 6326) › § 6315 - Executive Director—Duties and powers

The Executive Director shall have all powers as convenient and necessary for the development of and for carrying out the public policy provided for in this subchapter. Furthermore, he/she shall have the duty of coordinating, in close collaboration with the Chairperson of the Planning Board and the Secretary, all matters relative to the sustainable development of tourism in Puerto Rico and to the conservation, use and management of natural resources, without impairing the authority and powers conferred onto these officers by virtue of the laws and regulations of the Commonwealth of Puerto Rico.
In seeking to obtain information and advisory, as well as new product opportunities and participation in new projects, the Executive Director or his/her designated representative shall participate in international and regional activities and organizations that promote the sustainable development of tourism and ecotourism, such as: the Ecotourism Society, Green Globe, the World Tourism Organization (UNWTO), the Caribbean Tourism Organization, and the United Nations Environmental Programme (UNEP), among others.
History —Nov. 30, 2006, No. 254, § 4.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter V - Sustainable Tourism Development (§§ 6313 — 6326) › § 6316 - Secretary—Responsibilities

The Secretary shall be responsible for identifying areas which offer opportunities pursuant to the statutes he/she administers so as to foster and promote the effective implementation of the public policy set forth in this subchapter. The Secretary shall designate capable personnel with knowledge of the implementation of ecotourist and sustainable projects and programs; technical assistance; community participation; and participation in related activities, which personnel shall be charged with collaborating directly and closely with the mission of the Office. The Secretary shall establish by regulation, the procedure adopted by the Agency for the implementation of the Limit-of-Acceptable-Change methodology in the natural areas he/she administers. Likewise, the Secretary shall submit before the Board the uses and activities that are allowed in protected natural areas in accordance with ecotourism modalities pursuant to the criteria identified by the Interagency Commission.
History —Nov. 30, 2006, No. 254, § 5.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter V - Sustainable Tourism Development (§§ 6313 — 6326) › § 6317 - Chairperson of the Planning Board—Responsibilities

Once the master plan has been prepared, the Company shall submit the same to the Board for its adoption; the Board may require modifications as it deems pertinent in seeking to benefit the public interest.
History —Nov. 30, 2006, No. 254, § 6.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter V - Sustainable Tourism Development (§§ 6313 — 6326) › § 6319 - Interagency Commission—Creation

The Interagency Commission is hereby created to macromanage and coordinate in an integrated manner the efforts of the Commonwealth and Municipal Governments required to advance the optimum development and promotion of sustainable tourism and ecotourism throughout the Island. The Interagency Commission shall be constituted by: the Secretary, the Chairperson of the Planning Board, the Director of the Institute of Puerto Rican Culture, the Director of the National Parks Company, the Secretary of the Department of Economic Development and Commerce, the Chairperson of the Mayor’s Association or his authorized representative, and the Chairperson of the Mayor’s Federation or his authorized representative, and the Executive Director of the Company, who shall preside over the works of the Commission. This Commission is the liaison between the government and the Office. The head of each agency shall designate a delegate to represent him.
History —Nov. 30, 2006, No. 254, § 8; June 19, 2013, No. 28, § 1.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter V - Sustainable Tourism Development (§§ 6313 — 6326) › § 6320 - Advisory Council—Creation

The Advisory Council is hereby created, to advise in the development of initiatives to facilitate the implementation of plans and strategies aimed at the sustainable development of tourism. The Council shall be constituted by members convened by the Interagency Commission as their participation in relative matters may be required, to provide information and scientific, technical and professional data, and to enable community participation and coordination, among other functions. The following sectors shall be equally represented: community organizations, professional organizations, academia, and technicians, together with the Economic Development Bank, the Commerce and Export Company, the Cooperative Development Administration, and representatives from the municipal governments, according to the matter under discussion. This Council shall be the advisory arm of the Office.
The Office may incorporate new members from both the public and the private sector, according to the needs and situations being addressed and the objectives set forth in the Master Plan for the Sustainable Development of Tourism in Puerto Rico.
History —Nov. 30, 2006, No. 254, § 9.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter V - Sustainable Tourism Development (§§ 6313 — 6326) › § 6321 - Community participation

The Company, in coordination with the Advisory Council, shall develop a plan aimed at enabling community participation in the various stages of the development of sustainable tourism and ecotourism projects. Consequently, the Office shall recommend amendments to the laws governing cooperative savings and credit unions and recommend as well new financial products to private institutions to invest in or finance sustainable tourism projects. The Company shall foster community participation principles pursuant to what has been internationally established at the Earth Summits on Sustainable Development.
History —Nov. 30, 2006, No. 254, § 10.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter V - Sustainable Tourism Development (§§ 6313 — 6326) › § 6322 - Planning to enroll the participation of the private sector

The Executive Director of the Tourism Company shall be responsible for incorporating into the development of sustainable tourism, entities and organizations of the private sector such as: cooperative movement associations; environmental organizations; owners of inns, hostelries, hotels, lodgings in general; private travel organization agencies; and other institutions which are stakeholders in the industry. In order to make the incorporation of these private institutions viable, the Executive Director shall foster the granting of special incentives to owners of tracts of land contiguous to the natural areas with high ecological value in order to foster the development of sustainable (or green) enterprises that offer support services to the industry.
History —Nov. 30, 2006, No. 254, § 11.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter V - Sustainable Tourism Development (§§ 6313 — 6326) › § 6323 - Authority to establish sustainable tourism and ecotourism projects

The authority to establish sustainable tourism and ecotourism projects is hereby recognized to natural persons and to juridical persons, whether public or private, provided these projects conform to the criteria set forth in this subchapter, to Article IV of the Constitution of the Commonwealth of Puerto Rico, to §§ 4629 et seq. of Title 33, known as the “Penal Code”, to Act No. 267 of September 14, 2002, to Act No. 416 of September 22, 2002, and to the laws and regulations of the Commonwealth of Puerto Rico which protect natural, environmental, historical and cultural resources, and to laws and regulations which establish the zoning and uses for the aforementioned spaces and resources.
History —Nov. 30, 2006, No. 254, § 12.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART VI - Tourism (§§ 6001 — 6982i) › Chapter 151 - Tourism Development (§§ 6001 — 6326) › Subchapter V - Sustainable Tourism Development (§§ 6313 — 6326) › § 6324 - Marketing of sustainable tourism modalities in Puerto Rico and abroad

The Company shall incorporate into its promotional campaigns of Puerto Rico, elements of the island as an environmentally responsible destination, and upon attaining the objectives of the master plan, as a sustainable tourism destination. The Company shall pay special attention to the marketing of the ecotourism modality in and outside Puerto Rico, for being the modality which is most recognized internationally. The Company shall conform marketing strategies to market trends.
History —Nov. 30, 2006, No. 254, § 13.