P.R. Laws tit. 7, § 3113
(a) Any entity that meets the eligibility requirements mentioned in § 3112 of this title may choose to be treated as a Fund only if it notifies said election to the Secretary of Treasury no later than the last day of the third month after the inception date of the Fund. The Secretary of Treasury shall issue through public administrative determinations, circular letters and other similar communication of a general character establishing the form and manner in which the entity should make the election to be treated as a Fund.
(b) Failure to comply with the eligibility requirements will prevent the entity to qualify as a Fund during the year of breach and, therefore, the entity will be subject to the applicable taxation under the provisions of the Code, the Municipal License Tax Act, and the Municipal Property Tax Act. If the entity is disqualified for a particular taxable year due to failure of compliance in accordance with the provisions of this chapter it shall request the Secretary of Treasury, subject to the requirements that he or she issues in public administrative determinations, circular letters and other similar communication of a general character, to be treated again as a Fund for subsequent taxable years.
History —Nov. 12, 2014, No. 185, § 4.