P.R. Laws tit. 17, § 1473
The revenues received by the owner of a rental housing project for the elderly, whether newly constructed or refurbished, shall be ninety percent (90%) exempt from the payment of income taxes, license fees, real and personal property taxes and any other municipal tax or fee, provided that:
(a) The construction or refurbishing of the rental housing units begins after the effective date of this act.
(b) The rental fee of the rented housing units does not exceed the amount determined by the Secretary of Housing as adequate for the titleholders of the housing units to cover administration and maintenance expenses of the rented property, receive a return of his capital investment and cover any other obligations as titleholder, pursuant to the parameters established by regulations.
(c) The revenue on which tax exemption is claimed are derived from the rents paid by the elderly.
The tax exemption granted in this section shall be effective as long as the housing units for which the same is claimed are occupied by elderly persons for a term not to exceed twenty (20) years, as of January 1, of the year following the date of occupancy of the housing unit by an elderly person.
The Secretary of Housing shall annually certify to the Secretary of the Treasury, the Municipal Revenues Collection Center and the municipalities, whether the persons dwelling in the housing units on which the tax exemptions established in this section are claimed, qualify to obtain the benefits of this chapter.
History —Aug. 23, 1996, No. 165, § 4; Nov. 17, 2015, No. 187, renumbered as § 5on Nov. 17, 2015, No. 187, art. 57.