P.R. Laws tit. 21, § 5152
As of the first of July 1991, every building under construction on said date, or whose construction is started after said date shall be exempted from payment of all property taxes imposed. All equipment, material and machinery acquired to be installed or used, and which is installed or used in a building or partly in the lot and partly in said building or exclusively in a lot, shall also be covered by this exemption, but said exemption shall expire as soon as such installation or use is ended and said equipment, material and machinery becomes a part of the job; but in no case shall this exemption be in effect for more than three (3) years from the date such machinery, material or equipment is available in Puerto Rico for its installation or use in a construction in progress. Provided, That as for businesses exempted under the Puerto Rico Tourism Development Act of 2010, §§ 6341 et seq. of Title 23, whose property tax exemption period has not started as per the terms of its grant for real property and which submits an application for exemption under this section, the portion of land in which the construction is being carried out or in which the equipment and machinery is installed or used for the term of the exemption provided in this section shall also be deemed to be exempted from property taxes.
History —Aug. 30, 1991, No. 83, § 5.02; July 10, 2010, No. 74, § 9.