P.R. Laws tit. 7, § 3039
(a) Taxation of personal property. — Investments in proprietary interests in funds, or in stock of trusts created by the Bank pursuant to § 3032 of this title, shall be exempted from personal property taxes in Puerto Rico and shall not have to be reported on the real property tax returns that the investor is bound to file, if any. Capital investment funds and trusts created by the Bank pursuant to § 3032 of this title, shall be exempted from personal property taxes in Puerto Rico, and said entities shall be exempted from the requirement to file personal property tax returns in Puerto Rico.
(b) Municipal licenses. — Income received by capital investment funds and the trusts created by the Bank pursuant to § 3032 of this title, as well as the distributions made by said entities to their investors, shall not be deemed as “gross income” nor shall be included in the definition of “volume of business” for the purposes of §§ 651 et seq. of Title 21, known as the “Municipal Licenses Act”.
(c) Estate and donation taxes. — Proprietary interests in a capital investment fund or a trust created by the Bank pursuant to § 3032 of this title, shall be deemed as an investment of property located in Puerto Rico for the purposes of Sections 52 and 206 of Act No. 167 of June 30, 1968, as amended, and of § 9152 of Title 13.
History —Jan. 28, 2000, No. 46, § 20.