P.R. Laws tit. 12, § 1258
(a) It is hereby resolved and declared that the purposes for which the Authority is created and shall exercise its powers are the strengthening of industry, tourism, and commerce, the promotion of economic development, and the improvement of public safety, health and education, as well as the general welfare, all of which are public purposes for the benefit of the People of Puerto Rico, and the exercise of the powers vested under this chapter constitute the performance of essential government functions. Therefore, the Authority shall not be required to pay taxes, excises, or assessments on any of the properties acquired by the Authority or under the jurisdiction, authority, control, domain, possession, or supervision of the Authority or on the revenues derived from any of the Authority’s undertakings or activities.
(b) In order to facilitate the procurement of funds to enable it to carry out its corporate purposes, the bonds issued by the Authority under the provisions of this chapter, their transfer and the income therefrom (including any gains obtained from their sale) shall be and at all times remain exempt from the payment of income taxes levied by the Commonwealth of Puerto Rico or any of its political subdivisions.
History —June 27, 1977, No. 121, p. 310, § 7, renumbered as § 8 and amended on June 12, 1978, No. 48, p. 162, § 8; July 12, 1985, No. 102, p. 335, § 6; July 28, 1988, No. 139, p. 579, § 6; Dec. 16, 2009, No. 180, § 3.