P.R. Laws tit. 23, § 6343
Any exempt businesses may apply for an extension of the exemption period approved under this chapter for an additional term of ten (10) years by filing an application with the Director in the manner prescribed by the Director, not later than the expiration date set un the Puerto Rico Internal Revenue Code of 1994, as amended, to file their income tax return for the last taxable year within the exemption period, including any time extension granted by the Secretary for the filing thereof.
The Director shall follow the procedures described in § 6348(c) of this title and determine whether such exemption is essential for the development of the tourist industry, taking into account the facts presented, the nature of the physical facilities, the number of jobs, the total payroll, the total investment, the location of the project, its environmental impact, the reinvestment in the exempt business, whether in whole or in part, of the depreciation taken as a tax deduction, or other factors that, in his/her judgment, warrant such determination.
During the ten (10) year extension granted under this section, the exemption rates shall be those determined in § 6342 of this title.
History —July 10, 2010, No. 74, § 4.