(a) It is hereby found and declared that the purposes for which the Authority is created and shall exercise its powers are the preservation of public health, the promotion of the general welfare, and the increase of commerce and prosperity, that the same are public purposes in all respects for the benefit of the people of Puerto Rico, and that therefor the Authority shall not be required to pay any Commonwealth or municipal taxes or assessments on any of the property acquired by it or under its jurisdiction, control, possession, or supervision, or on its activities in the operation and maintenance of any property, or on the income derived from any of its properties and activities. Persons who enter into contracts with the Authority shall not be subject to the government contract tax imposed by § 16 of Act No. 85, approved August 20, 1925, as heretofore or hereafter amended. The Authority shall be exempt from the payment of all kinds of fees prescribed by laws in force for the execution of public documents and the registration thereof in any property registry of Puerto Rico.(b) In order to facilitate the procurement of funds by the Authority to enable it to carry out its corporate n of public documents and the registration thereof in any property registry of Puerto Rico.(b) In order to facilitate the procurement of funds by the Authority to enable it to carry out its corporate purposes, the bonds and other obligations issued by the Authority and the income therefrom shall be and remain at all times exempt from taxation. History —May 1, 1945, No. 40, p. 138, § 16, renumbered as § 15 and amended on May 3, 1949, No. 163, § 1.
Puerto Rico Legal Code