P.R. Laws tit. 10, § 692n
2019-02-20 00:00:00+00
Every registered investment company is hereby exempt from the municipal license tax imposed under §§ 651-652y of Title 21, known as the “Municipal License Tax Act”, or any Commonwealth or municipal law of like import or applicability. Provided, That this exemption shall not be construed to limit the right to impose municipal license taxes on the activities of brokerage or similar business which generate the purchase and sale of securities issued by registered investment companies under this chapter, if the applicable municipal license tax act so provides.
History —July 30, 2013, No. 93, § 44, eff. 120 days after July 30, 2013.