P.R. Laws tit. 13, § 10836
(a) Exemption.— An eligible business that holds a decree under this chapter shall enjoy the benefits of this chapter for a period of twenty (20) years.
(b) Fixing of the dates of the beginning of operations and of exemption periods.— An eligible business that holds a decree under this chapter shall enjoy the benefits of this chapter for a period of twenty (20) years.
(1) For purposes of § 10832 of this title, the date of the beginning of operations shall be the date in which the eligible business begins conducting the activities covered by the decree, but it shall never be before the date in which an application to avail itself of the benefits of this chapter is duly filed.
(2) For purposes of § 10833 of this title, the date of the beginning of operations shall be January 1 of the year in which the eligible business begins conducting the activities covered by the decree, but it shall never be before January 1 of the year in which an application to avail itself of the benefits of this chapter is duly filed.
(3) In the case of eligible businesses that hold a decree granted under this chapter and which were in operation before applying to avail itself of the benefits of this chapter, the date of the beginning of operations related to the activities covered by the decree shall be the date in which an application is filed with the Exemption Office.
(c) Extension of the decree.— Any eligible business that throughout all its exemption period has met the requirements related to employment, income, investment, or other factors or conditions set forth in the decree, and which proves to the Secretary that the extension of its decree shall be in the best economic and social interest of the People of Puerto Rico, may request to the Secretary an extension of its decree for another ten (10) years, for a total of thirty (30) years. During such extension, the eligible business shall enjoy a fixed income tax rate of four percent (4%).
(1) An application for extension shall be filed with the Secretary not more than twenty four (24) months nor less than six (6) months before the expiration of the decree, and shall include the information required by the Secretary for such purposes through regulations, circular letter, or administrative determination.
(2) Any eligible business described in § 10833(a) of this title shall, during the term of the extension(s), enjoy a fifty percent (50%) exemption on the corresponding taxes on personal and real property used in the activities covered by the decree.
History —Jan. 17, 2012, No. 20, § 8;, renumbered as § 9 on July 11, 2012, No. 138, § 6.