The municipal governments concerned may approve ordinances to exempt from the payment of taxes on real and personal property, excise taxes on constructions, and the payment of municipal license taxes, to provide incentives for constructions, improvements, acquisition of machinery and equipment for rehabilitation projects, or businesses established or developed in urban centers pursuant to the provisions of this chapter.Each municipality may establish the amount, term of the corresponding exemption and the conditions for its granting and enjoyment in order to attract the development of the revitalization project to the urban center and achieve the purposes of this chapter. History —Aug. 29, 2002, No. 212, § 5.01.
Puerto Rico Legal Code