P.R. Laws tit. 13, § 10711
The following words or terms, wherever used or referred to in this chapter, shall have the meaning stated hereinbelow, except where the context clearly indicates otherwise:
(a) Authority.— Shall mean the Puerto Rico Solid Waste Authority.
(b) Code.— Shall mean §§ 30011 et seq. of this title, known as the “Internal Revenue Code for a New Puerto Rico”, or any other law that substitutes it.
(c) Developer.— Shall mean the person who shall be ultimately responsible for the creation, organization, promotion, development, and administration of the business that requests the exempt facility certification, regardless of his/her share therein. It shall include, for purposes of this chapter, his/her spouse. This term excludes the Government of Puerto Rico and its instrumentalities or public corporations.
(d) Solid waste.— Shall mean any garbage, trash, residue, sludge, or other discarded material, including solid or semisolid material, liquids, or containers containing gaseous material generated by the industry, businesses, mining, agricultural operations, or domestic activities. This definition includes, but is not limited to material that has been discarded, abandoned, or disposed of, condemned material, and others whose useful life has expired or that are useless, unless they are processed or recovered.
(e) Director.— Shall mean the Director of the Puerto Rico Solid Waste Authority.
(f) Exempt facility.— Shall mean any solid waste reduction, disposal, and/or treatment facility that qualifies as exempted businesses under § 10642(d)(1)(I)(ii) of this title, known as the “Economic Incentives Act for the Development of Puerto Rico”, or under the analogous provisions of previous similar acts and that have been endorsed by the Solid Waste Authority.
(g) Eligible investment.—
(1) The cash amount that has been contributed to an exempt facility to be used in a solid waste exempt facility in exchange for:
(A) Shares in the corporation, if the exempt facility is a corporation, or
(B) the interest or the increase in the interest in a partnership or joint venture.
(2) Only those investments whose funds are fully used solely and exclusively for the construction of a new solid waste exempt facility or for the substantial renovation or expansion of an existing solid waste exempt facility, as defined in this chapter, shall be deemed to be eligible investments. Any other investment whose funds are not used directly and fully for the substantial construction, renovation, or expansion of an exempt facility shall be excluded from the definition of eligible investment in this chapter. In case one of the contributions described in clause (1) of this subsection is made, said contribution shall be deemed to be an eligible investment only if said investment is made in the primary offering of the shares or interests.
(h) Investors.— Shall mean any person, including the developer and participants, who makes an eligible investment.
(i) Person.— Shall mean any public or private natural or juridical person, including agencies, Government instrumentalities, municipalities, and quasi-public corporations.
(j) Secretary.— Shall mean the Secretary of the Department of the Treasury of the Government of Puerto Rico.
(k) Department.— Shall mean the Department of the Treasury of the Government of Puerto Rico.
History —July 27, 2011, No. 159, § 3.