P.R. Laws tit. 12, § 785c
Donations granted pursuant to this chapter shall be deemed onerous with regard to the tax benefits it provides in its sections.
In the case of the extinction or dissolution of the nonprofit entity which was originally granted easement rights, the sole fact of the extinction or dissolution of the easement holder shall constitute an ipso jure transfer to the Commonwealth of Puerto Rico and it shall thus be stated in every conservation easement deed and the corresponding registration in the Property Registry.
When selling land or property that has natural, agricultural, or cultural significance to any person who is authorized to be an easement holder or to receive donations for purposes of this chapter, if said sale is made for an amount which is lesser than the value stated in the appraisal or valuation report required by § 785m-1 of this title, the difference between the appraisal value and the sales price shall not be considered a donation that generates tax credits under this chapter, because it is not the type of donation this act incentivizes by means of tax benefits.
History —Dec. 27, 2001, No. 183, § 6; Nov. 17, 2015, No. 187, § 71, eff. Jan. 1, 2016.