P.R. Laws tit. 23, § 5056
The following tax benefits shall be granted to the entities that contribute to the Corporation and the Fund for the Development of the Martín Peña Canal ENLACE Project:
(a) All donations made to the Corporation shall be treated as donations made to educational entities, pursuant to §§ 8006 et seq. of Title 13, for purposes of the limitations on donations.
(b) Interest generated by the bonds issued by the Corporation shall be exempted from the income tax levied by §§ 8006 et seq. of Title 13.
(c) The accelerated depreciation method shall be allowed for the recovery of the cost of the investment.
(d) Every business or industry established or to be established in the District shall be entitled to an additional deduction for the salaries paid for purposes of the calculation of the income tax equal to five percent (5%) of the applicable minimum salary of each new job created after the approval of this act. This deduction shall be in addition to any other granted by any law and shall extend for a term of five (5) years.
To be entitled to the deduction granted by this subsection, it shall be necessary that the newly created job:
(1) Does not eliminate or substitute any job that existed prior to the approval of this act;
(2) is a full-time job of not less than thirty-five (35) hours per week, and
(3) is held by a District resident for a continuous term of not less than six (6) months within the taxable year, except for those businesses or industries that, due to their nature, are seasonal or temporary.
These tax incentives shall be evaluated every three (3) years as of the date of effectiveness of this act in terms of cost-effectiveness. The evaluation shall be made by the Department of the Treasury, in consultation with the Corporation and with the collaboration of the Office of Management and Budget, the Municipality of San Juan, the Municipal Revenues Collection Center and all other public agencies concerned.
History —Sept. 24, 2004, No. 489, § 27.