P.R. Laws tit. 7, § 1258
(a) Personal property tax. — The investments in proprietary interests in funds or in designated entities, or in shares in trusts created by the Bank pursuant to § 1253 of this title, shall be exempted from personal property taxes in Puerto Rico and shall not have to be listed in the personal property tax return, if any, that the investor is bound to file. The investment capital funds and trusts created by the Bank pursuant to § 1253 of this title shall be exempted from personal property taxes in Puerto Rico, and said entities shall be exempted from the requirement to file a personal property return in Puerto Rico.
(b) Municipal license tax. — The income received by investment capital funds and trusts created by the Bank pursuant to § 1253 of this title, as well as the distributions such entities and the designated entities make to their investors, shall not be deemed as “gross income”, nor shall they be included in the definition of “volume of business” for the purposes of §§ 651 et seq. of Title 21, known as the “Municipal License Tax Act”.
(c) Tax on estates and gifts. — The proprietary interests in an investment capital fund, in a designated entity, or in a trust created by the Bank pursuant to § 1253 of this title, shall be deemed to be an investment in property located in Puerto Rico for the purposes of Sections 52 and 206 of Act No. 167 of June 30, 1968, and of §§ 9152 and 9207 of Title 13.
History —Oct. 6, 1987, No. 3, p. 840, § 18, renumbered as § 19 and amended on July 11, 1996, No. 70, § 19.