P.R. Laws tit. 12, § 785a
For purposes of this chapter, the following terms shall have the meaning stated below:
(a) Conservation easement.— Means a lien imposed on real property in benefit of a person or a lot, which imposes obligations, rights and limitations on the land and its owner for the purpose of protecting and preserving areas of natural value or a property of cultural or agricultural value.
(b) Conservation easement owner.— A natural or juridical person that owns a conservation easement.
(c) Commonwealth of Puerto Rico.— Includes the Department of Natural and Environmental Resources; the Department of Agriculture; and the Institute of Puerto Rican Culture as the sole representatives of the Commonwealth of Puerto Rico authorized to receive the title deeds of conservation easements and eligible lands that have been donated.
(d) Nonprofit organization.— Any private nonprofit entity, association, trust, organization, or institution constituted as such pursuant to the laws of Puerto Rico, whose main function or purpose is the protection and preservation of areas of natural significance, or of real property with cultural or agricultural significance. Furthermore, said nonprofit organization shall be recognized as such by the Secretary of the Department of the Treasury and any gifts made thereto may be deducted pursuant to §§ 30104(a)(10), 30130, 30135(a)(3), 30332(a)(5) and 30412 of Title 13, known as the “Puerto Rico Internal Revenue Code of 2011”, or any successor law.
(e) Area of natural value.— Non-developed open area in its natural state, in a forest, of landscape or ecological value, or adapted solely for agricultural use, whose protection and preservation is important.
(f) Property of cultural value.— Property or land that includes important historic, architectural or archeological features or characteristics.
(g) Donor.— Person or persons, natural or juridical, who own a property that constitutes eligible land or upon which a conservation easement has been established by means of a deed of donation, pursuant to the provisions of this chapter and who are entitled to the corresponding tax benefits.
(h) Internal Revenue Code of Puerto Rico.— The Puerto Rico Internal Revenue Code of 2011, created pursuant to the provisions §§ 30011 et seq. of Title 13.
(i) Change in control.— The sale, lien, assignment, merger, exchange, barter or other transfer of ten percent (10%) or more of the stock, interest or shares in the capital of the corporation, partnership or entity to a single person or a group of persons acting jointly, whether on a single or several transactions for such purpose or resulting in the tenancy or control by any person or group of persons acting jointly of ten percent (10%) or more of the stock, interest or shares in the capital of said corporation, partnership or entity.
(j) Eligible conservation easement.— A conservation easement in perpetuity constituted after December 31, 2003, by means of a deed of donation and which satisfies the requirements set forth in § 785m of this title for receiving the tax benefits described therein.
(k) Eligible land.— Land or property on which an eligible conservation easement may be established, whose ownership is transferred by means of a deed of donation to any person(s) who may, pursuant to § 785e of this title, be holder of the conservation easement. Any land or property which is part of a nature reserve or an agricultural reserve shall not be eligible to establish a conservation easement in accordance with this chapter, or to receive the tax benefits offered thereunder. Likewise, any property or land whose conservation has been required by a government agency as a condition or requirement to approve a construction project shall not be eligible.
(l) Land Trust Alliance.— An organization based in Washington, D.C., which has acted as national coordinator, strategist, and representative of over 1,700 members and trusts in the United States since 1982. Its goals are to work in order to increase the pace and quality of conservation efforts by advocating for favorable tax policies, training land trusts in best conservation practices, and working to ensure the permanence of conservation in the face of continuing threats.
History —Dec. 27, 2001, No. 183, § 4; June 4, 2004, No. 138, § 1; July 12, 2011, No. 127, § 1; Nov. 17, 2015, No. 187, § 69, eff. Jan. 1, 2016.