226j

(a) Every business or industry that is established in a special planning zone in the Santurce suburb shall be entitled to a special deduction for income tax purposes, of ten percent (10%) of the rent paid, for a term of ten (10) years. This deduction shall be in addition to any other granted by any act. This deduction shall be unavailable for subsequent businesses.(b) One half of the net income obtained from the sale of tickets for artistic and cultural performances held in Santurce, is hereby exempted in establishments located in structures that are newly-constructed, substantially rehabilitated, or subject to improvements for a period of five (5) years as of the date that the construction, substantial rehabilitation or improvement is completed. The Department of the Treasury shall establish the procedure to take advantage of this exemption through regulations. History —Aug. 4, 1988, No. 148, p. 618, § 11, renumbered as § 10 and amended on Apr. 17, 2003, No. 110, §§ 2, 3.