P.R. Laws tit. 23, § 591e
The incentives provided in §§ 226d—226j of this title shall apply in the Santurce theater district to the properties, businesses and industries that meet the specifications of the Santurce theater district zone:
(a) Tax exemption to substantially rehabilitated eligible property or newly built property.
(b) Release from the payment of interest, surcharges and penalties on real property taxes owed by an eligible property, as defined in § 226n of this title to the date the exemption is granted [, as provided in the law].
(c) Special Incentives for Eligible Property under the Reasonable Rentals Act.
(d) Development bank guarantee for feasible substantial rehabilitation or improvements projects or new construction eligible property projects to be developed in the Santurce theater district, to be granted for a period of ten (10) years, as of the date of effectiveness of this act. The Development Bank may ensure the guarantees it grants through an insurance. The funds to pay the insurance may proceed from the collection of five percent (5%) of the value of the mortgage loans executed in Santurce and guaranteed by the Development Bank.
The Development Bank shall submit a special report to the Legislature with an evaluation of its participation for granting the guarantees authorized by this chapter, including an itemized list of the applications received as well as its determinations regarding the same.
(e) Incentives for the creation of jobs in businesses and industries.
(f) Other incentives for businesses and industries, consisting of exemption from the payment of income taxes on half the net income obtained from the sale of the tickets for cultural and artistic performances given in the Santurce theater district in establishments located in newly built or substantially rehabilitated structures or those structures object of improvements, for a period of five (5) years as of the date on which the construction, substantial rehabilitation or improvements are completed. In order to obtain these benefits said construction, rehabilitation or improvements must be carried out within a period of five (5) years as of the date of the designation of the zone in which the establishment is located. The Department of the Treasury shall establish the procedure for obtaining said exemption through regulations.
The task force, through its components, may establish other additional incentives related to cultural performances that promote public participation.
History —Aug. 18, 2000, No. 178, § 8.