It is hereby found and declared that the purposes for which the Port Commission is created and shall exercise its powers are the promotion of the general welfare and the development of commerce and prosperity, which are all public purposes for the benefit of the people of the Commonwealth of Puerto Rico, and, therefore, the Commission shall not be required to pay taxes, excises or assessments on any of the property acquired by it or under its jurisdiction, control, possession and supervision, or on its activities in the operation and maintenance of any undertaking, or on the income derived from any of its undertakings and activities.The Commission shall also be exempt from the payment of all kinds of fees, tariffs and taxes heretofore or hereafter required by law for the processing of judicial proceedings, the issuance of certificates in all offices and dependencies of the Commonwealth of Puerto Rico, and for the execution of public documents and their registration in any public register of Puerto Rico.In order to facilitate the procurement of funds by the Commission to enable it to carry out its corporate purposes, the bonds issued by the Commission and the income therefrom shall er of Puerto Rico.In order to facilitate the procurement of funds by the Commission to enable it to carry out its corporate purposes, the bonds issued by the Commission and the income therefrom shall be and remain at all times exempt from the payment of income tax. History —May 18, 1959, No. 10, p. 46, § 13.
Puerto Rico Legal Code