P.R. Laws tit. 15, § 514
(a) It is hereby resolved and declared that the purposes for which the National Parks Company was created, its subsidiary companies organized by it and the activities that said Company and its different subsidiaries develop, shall be in benefit of the inhabitants of Puerto Rico, through the revealing and development to the greatest degree possible of the recreational resources and National Parks of Puerto Rico, as part of the spiritual development plan that the Commonwealth has resolved to put into practice through said Company and its subsidiaries. Therefore, the Puerto Rico National Parks Company or any subsidiary organized by it pursuant to the provisions of this chapter, shall not be required to pay commonwealth or municipal contributions or taxes, on any of the properties acquired by it, or on any of them under its jurisdiction, ownership or possession, or on its activities in the development or conservation of any of its enterprises and activities. Likewise, the Company shall retain in its treasury any occupancy tax collected in its vacation centers.
(b) A subsidiary for the foregoing effects shall be deemed to be every corporate entity or commercial organization whose total paid-in capital, if a corporation, or whose assets, if it is a non-corporate entity, is wholly-owned by the Puerto Rico National Parks Company.
(c) The bonds or any other debentures issued by the Company, as well as the interest or income deriving therefrom, shall be at all times equally exempt from commonwealth and municipal taxes and imposts.
(d) Likewise, any document executed by the Company and its subsidiaries for their own benefit as well as the registration thereof in the Property Registry shall be exempt from all taxes, imposts or fees.
History —June 23, 1961, No. 114, p. 234, § 14; Jan. 8, 2004, No. 36, § 5.