P.R. Laws tit. 23, § 348
(a) It is hereby found and declared that the purposes for which the Authority is created and shall exercise its powers are the promotion of the general welfare, and the increase of commerce and prosperity, and all are public purposes for the benefit of the people of Puerto Rico, and that therefore the Authority shall not be required to pay taxes, excises or assessments on any of the property acquired by it or under its jurisdiction, control, possession, or supervision, or on its activities in the operation and maintenance of any undertaking, or on the revenues derived from any of its undertakings and activities.
(b) The Authority shall also be exempt from the payment of all kinds of fees, taxes, or imposts heretofore or hereafter required by law for the prosecution of judicial proceedings, the issuing of certifications in all offices and dependencies of the Commonwealth of Puerto Rico, and the execution of public documents and their registration in any public registry of Puerto Rico.
(c) In order to facilitate the procurement of funds by the Authority to enable it to carry out its corporate purposes, the bonds issued by the Authority and the income therefrom shall be and remain at all times exempt from the payment of income tax.
History —May 7, 1942, No. 125, p. 710, § 18; May 14, 1952, No. 444, p. 894, § 1; June 13, 1953, No. 74, p. 250, § 1; June 26, 1959, No. 85, p. 236.