P.R. Laws tit. 23, § 7012
(a) All businesses or industries established within a special planning zone in Barrio Río Piedras during the period between the effective date of this act and five (5) years after said date, shall be entitled, for income tax purposes, to a special deduction of ten percent (10%) of the rent paid for a term of ten (10) years. This deduction shall be in addition to any other deduction granted by any other law. This deduction shall not be available for successor businesses.
(b) Half of the net income obtained by selling admission tickets to artistic and cultural events held in Barrio Río Piedras at establishments located in newly built or substantially rehabilitated structures, or in structures subject to improvements for a period of five (5) years as of the date on which the construction, substantial rehabilitation or improvement is completed, is hereby exempted from payment of income taxes. In order to obtain these benefits, said construction, rehabilitation or improvement shall be performed within a term of five (5) years as of the effective date of this act in which the establishment is located. The Department of the Treasury shall establish by regulation the Procedure through which this exemption is to be granted.
History —July 5, 1995, No. 75, § 11; July 17, 2009, No. 39, § 4.