P.R. Laws tit. 21, § 5010
The payment in lieu of taxes made by public corporations to municipalities shall include the property taxes corresponding to them according to the applicable provisions of law up to the date of approval of this act, plus the rate increase adopted by each municipality pursuant to this part.
The tax corresponding to one percent (1%) and to three percent (3%) (point three percent (0.3%) for fiscal years 2009-10, 2010-11, and 2011-12) per annum of the appraised value of the real and personal property, respectively, or until the revenues determined under Section 15 of this Act are raised, which tax was covered into the General Fund in accordance with the provisions of law in effect on the date of approval of this act, is hereby excluded from said computation.
The formula for payment in lieu of taxes shall be kept unaltered except when a municipality adopts a rate increase within the available margin under said former act and under this part, in which case the rate increase decreed by the municipality shall modify the base or the computation of the amount which the municipality will pay in lieu of taxes.
History —Aug. 30, 1991, No. 83, § 2.10; Mar. 9, 2009, No. 7, § 58; July 10, 2009, No. 37, § 28.