198u

In order to stimulate the purchase of racehorses and foster reinvestments in the horse racing industry by horse owners, the excise tax on the prizes won by these in official races in Puerto Rico is hereby reduced from six percent (6%) to three percent (3%) as of the beginning of the natural year following the approval of this act; and from three percent (3%) to zero percent (0%) after the beginning of the second year.This provision repeals all other provisions contained in any other law, including the Internal Revenue Code and the Excise Tax Law. History —July 2, 1987, No. 83, p. 296, added as § 26 on June 5, 2004, No. 139, § 15.