P.R. Laws tit. 23, § 6012
Any exempt business may apply for an extension of the exemption period approved under this chapter for an additional ten (10)-year period, upon filing an application with the Director in the manner prescribed by the Director, not later than the due date set by the Puerto Rico Internal Revenue Code of 1994, as amended, to file its income tax return for the last taxable year within the exemption period, including any time extension granted by the Secretary for the filing thereof.
The Director shall follow the procedures described in § 6017(c) of this title and shall also determine whether said exemption is essential for the development of the tourist industry taking into account the facts presented, the nature of the physical facilities, the number of jobs, the total payroll, the total investment, the location of the project, its environmental impact, the reinvestment in the exempt business of part or all of the depreciation taken as a tax deduction, or other facts that, in his/her judgment, warrant such determination.
During the ten (10) year extension granted under this section, the exemption rates shall be those determined in § 6011 of this title.
No applications for extensions of the exemption period provided in this chapter shall be accepted after the effective date of the Puerto Rico Tourism Development Act of 2010.
All applications for extension of the exemption period under this section that has been filed before the effective date of the Puerto Rico Tourism Development Act of 2010 shall be deemed to be an application filed pursuant to the Puerto Rico Tourism Development Act of 2010. The Director may request additional information regarding such application as he/she may deem pertinent.
History —Sept. 10, 1993, No. 78, § 4; July 10, 2010, No. 74, § 18.