P.R. Laws tit. 23, § 6038
Any hotel owned by the Hotel Development Corporation as of the date of approval of this act and which has been acquired from said public corporation by a private investor in the first purchase-sale transaction of the hotel after said date, may take advantage of the exemptions provided in clauses (1) through (5) of subsection (a) of § 6011 of this title without having to comply with the substantial renewal or expansion requirement for existing businesses.
In order to take advantage of the said exemptions, the person who has acquired or intends to acquire one or several of the said hotels, shall obtain a grant of exemption, upon due filing of an grant application, as established in § 6017 of this title.
For purposes of the credit provided by § 6013(a) of this title, the purchase price of any of the existing facilities of the hotels acquired by the Hotel Development Corporation, shall constitute an eligible investment, if the tourist activity that shall take place in such facilities qualifies as a new business pursuant to the provisions of § 6001(f) of this title. In the event that said eligible business does not qualify as new business pursuant to the provisions of § 6001(f) of this title, the purchase price of the existing facilities shall not constitute an eligible investment for the purposes of the credit provided by § 6013(a) of this title.
History —Sept. 10, 1993, No. 78; added as § 27B on Sept. 27, 1994, No. 114, § 6.