P.R. Laws tit. 23, § 303
It is hereby found and declared that the purposes for which the Puerto Rico Industrial Development Company was created, the several subsidiary corporations by it organized, and the activities developed by said Puerto Rico Industrial Development Company and its various subsidiaries, have been for the benefit of the inhabitants of Puerto Rico through discovering and furthering to the fullest possible extent the human and economic resources of Puerto Rico as a part of the economic reconstruction plan which the Commonwealth of Puerto Rico puts into practice through the Company and its subsidiaries for the general welfare of the people. Therefore, the Puerto Rico Industrial Development Company or any subsidiaries heretofore or hereafter organized by it under the provisions of § 278 of this title shall not be required to pay Commonwealth or municipal taxes or imposts on any property acquired by them, or by any of them, or under their jurisdiction, ownership or possession, or on their activities in the operation and maintenance of any of its undertakings and activities. The revenues, interest or income derived from the bonds and any other debentures issued by the Puerto Rico Industrial Development Company and/or its subsidiaries, or any of them, shall be likewise exempt from all kinds of Commonwealth, municipal or Government-of-the-Capital taxes or imposts.
For the purposes aforesaid, a subsidiary shall be understood to be any business, industrial, mining, or cooperative entity or organization whose paid-in capital, if a corporation, or whose assets, if a non-corporate entity, the Puerto Rico Industrial Development Company owns in full.
History —June 22, 1957, No. 95, p. 474, § 1.