P.R. Laws tit. 21, § 5006
Pursuant to the provisions of § 5009 of this title, the Secretary of the Treasury shall compensate the corresponding municipalities for uncollected property taxes resulting from the tax exemption provided by § 5002 of this title on residential properties whose exemption had been requested [up] to the 1st of January, 1992, as provided in this part, and which had been levied by the municipalities as of August 30, 1991, up to a maximum of two percent (2%).
The Secretary of the Treasury shall continue to remit annually to the Government Development Bank for Puerto Rico for the benefit of each municipality, the sum equal to the uncollected amount of said basic tax levied by the municipalities as of August 30, 1991, up to a maximum of two percent (2%), chargeable to the appropriation provided in § 5009 of this title, as well as the tax levied for the payment of municipal loans, from the tax exemptions requested up to the 1st of January, 1992, as indicated above.
History —Aug. 30, 1991, No. 83, § 2.06; Aug. 6, 1992, No. 45, § 1.