P.R. Laws tit. 23, § 5211
The following tax benefits shall be provided to the persons or entities that invest or contribute to the development of Castañer.
(a) All donations made to associations or entities of a recreational or cultural nature, established and operating in Castañer shall be treated as donations made to nonprofit entities, pursuant to the Puerto Rico Internal Revenue Code regarding the limitation of donations.
(b) The organization of an “Investment Capital Fund for Castañer” shall be permitted, pursuant to the provisions of §§ 1241 et seq. of Title 7, known as the “Investment Capital Fund Act”, §§ 1320 et seq. of Title 12, known as the “Act for the Reduction and Recycling of Solid Waste in Puerto Rico”, §§ 693 et seq. of this title, known as the “Tourist Incentives Act” and §§ 10401 et seq. of Title 13, known as the “Agricultural Tax Incentives Act.”
(c) The use of accelerated depreciation methods shall be allowed to recover the cost of new construction, substantial rehabilitation and improvements in eligible properties.
(d) The Municipalities of Lares, Adjuntas and Yauco shall approve municipal ordinances granting additional incentives, regarding the payment of the municipal licenses, personal property tax rates and others.
History —Mar. 15, 1996, No. 14, § 13.