P.R. Laws tit. 13, § 254a
(a) Eligible business.—Means: (i) maritime transportation of freight between ports in Puerto Rico and ports in foreign countries, and (ii) the lease or rent of ships which are utilized in said transportation, or property of any other kind, real and personal, utilized in relation with the operation of said ships when the transportation meets the above requirements.
(b) Net income deriving from shipping activities.—Means the gross income deriving from, or related with, the use, lease or rent for use, of any ship, or part thereof, utilized in the transportation of freight between ports in Puerto Rico and ports in foreign countries, or of any property of whatever kind, real or personal, utilized in the operation of said ship.
History —June 28, 1966, No. 126, p. 395, § 2.