P.R. Laws tit. 13, § 10433
(a) In general. — The real and personal property of an exempt business used in the development, organization, construction, establishment or operation of the activity covered under the decree shall have a ninety percent (90%)-exemption on municipal and state real and personal property taxes during the exemption period established in § 10436 of this title.
(b) Period. — The real property of an exempt business, that holds a decree granted under this chapter, shall be fully exempt during the period authorized on the decree to carry out the construction or establishment of such exempt business and during the first fiscal year of the Government in which the exempt business would have been subject to property taxes for being operating as of January 1st prior to the commencement of such fiscal year except for the exception herein provided. Likewise, the real property of such exempt business that is directly related to any expansion of the exempt business shall be fully exempt from property taxes during the period authorized on the decree to perform the expansion. Once the total exemption period established in this subsection expires, the partial exemption provided in this section shall take effect.
(c) Assessment. — The real and personal tax shall be assessed, levied, notified, and administered as provided in §§ 5001 et seq. of Title 21, (“Municipal Property Tax Act”) and the Internal Revenue Code of Puerto Rico.
History —July 19, 2010, No. 83, § 2.12.