P.R. Laws tit. 21, § 746
(a) In collecting the basic tax levied by the municipalities of Puerto Rico for their regular expenses corresponding to the year 1960-61 and succeeding fiscal years, the Secretary of the Treasury shall not collect from the taxpayers twenty hundredths of one percent (0.20%) per annum on the assessed value of all real and personal property not tax exempt which is the object of such taxation. The sums which the Secretary of the Treasury will thus leave uncollected under the provisions of this section are hereby remitted. The Secretary of the Treasury shall periodically transmit to each municipality the amount collected by reason of said basic tax, plus a sum, chargeable to the appropriation made below and which, added to the amount collected, shall make up a sum equal to the total amount which by reason of said basic tax would have been collected from the taxpayers if this section were not in force.
(b) There is hereby appropriated from unencumbered funds in the Treasury of the Commonwealth of Puerto Rico, for the year 1960-61 and each succeeding fiscal year, a sum equal to the amount of twenty hundredths of one percent (0.20%) on the assessed value of all real and personal property not tax exempt and located in each municipality, or for the Secretary of the Treasury to make up the remittances authorized by subsection (a) of this section.
History —May 31, 1960, No. 16, §§ 1, 2.