P.R. Laws tit. 21, § 1045
All revenues obtained by the Government from the preferential tax rate established in this chapter and the decree granted pursuant to this chapter shall be exempted from any of the provisions included in § 74 of Title 15, and such revenues shall be deposited in a special account kept by the Secretary of the Treasury, separate from the General Fund, and with the following purposes:
(a) Forty percent (40%) of the tax paid by the grantee pursuant to the decree and deposited in said special account kept by the Secretary of the Treasury shall be allotted by the Selection Committee to infrastructure projects to be developed within municipalities neighboring the municipality in which a project shall be built. Within the first six (6) months after the approval of this act, the Selection Committee shall adopt the rules establishing the standards and procedures for the use of the funds in the special account set forth in this subsection, but at least one fourth (¼) of this portion shall be allotted to projects located in Vieques, one fourth (1 / 4) of this portion shall be allotted to projects in Culebra, and another one fourth (1 / 4) of this portion shall be used pursuant to subsection (d) of this section. The last one fourth (1 / 4) and any amount of surplus or unused funds under this subsection shall be used for developments within municipalities neighboring the municipality in which the Project shall be constructed. The Selection Committee shall have the discretion of identifying the infrastructure projects (including renewable energy projects) and the amount of funds of said account that it shall allot to each project; Provided That such allotments shall be made pursuant to the regulation approved under the terms established herein.
(b) The remaining thirty percent (30%) from the tax paid pursuant to the decree by the grantee, which shall be deposited in said special account, shall be divided into three (3) equal parts and distributed by the Secretary of the Treasury as follows:
(1) One third of these funds shall be allotted annually to the Puerto Rico Tourism Company.
(2) One third of these funds shall be allotted annually to the Authority for the Redevelopment of Land and Facilities of Roosevelt Roads Naval Station, created by virtue of §§ 3051 et seq. of Title 25.
(3) And the remaining one third of these funds shall be allotted annually to the Office of the Commissioner of Municipal Affairs; these funds shall be distributed by said agency, annually, among municipalities with a population under forty thousand (40,000) through competitive proposals of ecotourism development projects.
(c) The remaining thirty percent (30%) of the tax paid pursuant to the decree by the grantee and deposited in said special account shall revert each year to the General Fund.
(d) The Green Triangle is hereby created as a new ecotourism destination. The Green Triangle shall be composed of ecotourism projects in the municipalities of Vieques and Culebra and the area within less than a fifteen (15) mile radius of El Yunque rainforest. The Selection Committee shall identify the projects and the amount of funds to be allotted for the development of these ecotourism projects from the funds appropriated for these purposes, pursuant to subsection (a) of this section.
(e) Except as otherwise provided in this chapter, the amounts to be paid by the grantee according to the preferential tax rates established in this chapter shall be paid in the form and manner established in the Puerto Rico Internal Revenue Code for the payment of income taxes.
History —Aug. 1, 2010, No. 118, § 9.