P.R. Laws tit. 23, § 7022
Any eligible property built for the main residence of the owner, or for business or industry, which is subject to substantial rehabilitation or improvements in a Special Planning Zone in Poblado Planas, within five (5) years after such a zone is designated, pursuant to the provisions of this chapter, shall be entitled to a tax exemption on real property. This tax exemption shall be one hundred percent (100%) of the property tax, and it shall have a term of ten (10) years. The tax exemption shall be in effect as of January 1st of the year after which the property becomes subject to new construction, substantial rehabilitation or improvements. The Municipal Revenues Collection Center shall establish by regulations the procedure for obtaining this tax exemption.
History —Sept. 17, 2004, No. 385, § 4.