P.R. Laws tit. 23, § 693j
The Governor, notwithstanding the provisions of § 330 of the Police Code of 1902 and Act No. 17 of June 30, 1981, may authorize the Secretary of the Treasury to approve a payment plan for the eligible business, as defined in section 693a(a)(6) of this title, at prospective special interest on those real and personal property taxes levied and unpaid prior to the effective date of this act in accordance with the following norms:
(a) The Executive Director of Tourism and the Economic Development Administrator will certify that the adoption of the payment plan is essential for the operation of the eligible business and that the same will be in the best economic and social interests of the People of Puerto Rico, in view of the nature of the facilities, the number of jobs, the total payroll, the amount invested, the location of the project, or such other factors that, in their judgment, justify such a determination.
(b) The special interest to be fixed prospectively will be nine percent (9%).
(c) The term granted under the payment plan will not exceed ten (10) years.
(d) The eligible business must be up-to-date in the payment of any other tax determined or fixed by the laws of the Commonwealth of Puerto Rico, including those in which it acts as a special withholding agent.
History —June 2, 1983, No. 52, p. 94, § 11, renumbered as § 12 and amended on May 31, 1988, No. 35, p. 132, § 11.