10050

The fees and charges prescribed in §§ 10047(e) and 10048 of this title shall be covered into a Special Account created to such effects in the Department of the Treasury, for the purpose of defraying the regular operating expenses of the Industrial Tax Exemption Office. Prior to using the resources deposited in the Special Account, the Industrial Tax Exemption Office shall submit an annual budget of expenses to be charged to those funds for approval by the Office of the Management and Budget. The resources of the Special Account destined to defray the regular operating expenses of the Industrial Tax Exemption Office may be complemented with appropriations from the General Fund of the Commonwealth of Puerto Rico.Fifty percent (50%) of the fines that the Tax Exemption Office is able to collect on account of the reports that the exempted businesses failed to submit at the request of the Office of the Commissioner of Financial Institutions, shall be deposited in the Special Account of the Office of the Commissioner of Financial Institutions with the Department of the Treasury. History —Jan. 24, 1987, No. 8, p. 949, added as § 12 on Aug. 21, 1990, No. 45, p. 188, § 3; Aug. 23, 1994, No.

ffice of the Commissioner of Financial Institutions with the Department of the Treasury. History —Jan. 24, 1987, No. 8, p. 949, added as § 12 on Aug. 21, 1990, No. 45, p. 188, § 3; Aug. 23, 1994, No. 97, § 2, eff. 45 days after Aug. 23, 1994.