P.R. Laws tit. 23, § 6035
(a) Tax on personal property. — The investments in securities of a fund or in shares in trusts created by the Director pursuant to § 6032 of this title shall be exempted from personal property taxes in Puerto Rico, and shall not have to be reported on the personal property tax return in Puerto Rico that the shareholder is under the obligation to file, if any.
(b) Municipal license taxes. — The distributions received from a fund or from a Trust created by the Director pursuant to § 6031 of this title shall not be deemed as “gross income”, nor shall they be comprised within the definition of “volume of business” for the purposes of §§ 651 et seq. of Title 21, known as the “Municipal License Tax Act”.
(c) Estate and gift taxes. — The shares or stock of a fund shall be deemed as an investment of property located in Puerto Rico for the purposes of §§ 9152 and 9207 of Title 13.
History —Sept. 10, 1993, No. 78, § 25; Jan. 8, 1994, No. 3, § 11.