P.R. Laws tit. 23, § 572
(a) To avail itself [of] the provisions of this chapter, it shall be necessary for the film entity to obtain a license from the Commissioner. The film entity shall submit the application for a license to the Commissioner, which shall include the budget and an endorsement of the Moving Picture Corporation to the effect that the project meets the requirements established in this chapter.
(b) The Commissioner shall notify the Secretary, in writing, of his/her intention to grant the license, and shall remit a copy to the Director of the Tax Assistance and Legislation Bureau.
This notice shall describe the film project or infrastructure project, the experience of the persons involved in the project, the amount of the budget to be invested in and outside of Puerto Rico, amount of tax credits requested and any other pertinent information. The Secretary of the Treasury shall have a term of thirty (30) days to endorse or deny the license. It shall be understood that the term has been interrupted if the Secretary requires additional information. However, when the term is interrupted and the information required is furnished, the Secretary shall only have the remaining days to endorse or deny the license. Once said term has expired, the Commissioner shall be bound to issue the same.
(c) The license cannot be transferred. The stock or shares held by an investor in a film entity cannot be transferred either, except:
(1) That the consent of the Commissioner is obtained;
(2) as the result of the death of an investor, or
(3) through an order of a court with jurisdiction.
History —Dec. 24, 1999, No. 362, § 6.