P.R. Laws tit. 13, § 204
(a) The Teachers Association of Puerto Rico is hereby exempted from the payment of taxes on real and personal property of the institution known as House for the Elderly while operating for nonprofit purposes, as long as said property is exclusively engaged in providing in a systematic and continuous manner lodgings and maintenance facilities to persons who have reached the age of sixty-two (62) years or more through the payment of a reasonable sum determined in accordance with the operation expenses of the institution.
(b) The tax exemption herein provided shall be subject to the provision that the Teachers Association of Puerto Rico comply, in regard to the institution known as the House for the Elderly, with the following conditions:
(1) Does not owe any other tax.
(2) Complies with the provisions of any other tax law that may apply to it.
(3) Files with the Secretary of the Treasury an inventory of all its real and personal property pertaining to it on the day of approval of this act.
(4) Annually submits to the Secretary of the Treasury, not later than April 15 of each year, a general balance sheet and a written report on its operation activities of the previous calendar year including information on the number and name of persons over sixty-two (62) years or more who have been favored by the services of the institution.
(c) The Secretary of the Treasury is hereby authorized to condone any debt which the Teachers Association of Puerto Rico may have with respect to the House for the Elderly for taxes levied on the real and personal property on the date of approval of this act.
(d) Unfulfillment of the conditions provided in subsection (b) of this section and in the manner and time therein provided, shall constitute sufficient legal basis to revoke the tax exemption herein granted, in which case there shall be levied and collected the corresponding tax from and after the date of unfulfillment of said conditions.
History —Apr. 23, 1970, No. 19, p. 40, §§ 1—4.