P.R. Laws tit. 13, § 354
(a) Economic year. — Shall mean the fiscal year beginning on July 1st of each year and ending on June 30 of the following year.
(b) Demand for payment, attachment and sale of debtor’s property. — Shall mean the authority of the Secretary of the Treasury to attach and sell the property of a debtor as provided under the Code.
(c) Government Development Bank. — Shall mean the Government Development Bank for Puerto Rico.
(d) Code. — Shall mean the Puerto Rico Internal Revenue Code, Act No. 120 of October 31, 1994.
(e) Tax. — Shall mean income taxes levied under Subtitle A, B, C and D of the Code.
(f) Taxpayer. — Shall mean any person under the obligation to pay taxes to the Commonwealth of Puerto Rico.
(g) Department of the Treasury. — Shall mean the Department of the Treasury of Puerto Rico, established by Art. IV, Sec. 6 of the Constitution of the Commonwealth of Puerto Rico.
(h) Tax receivable. — Shall mean tax debts of any nature which, under the various laws of the Commonwealth of Puerto Rico, fall under the responsibility of the Secretary of the Treasury in terms of their collection, and which have become or could become tax receivables on or before June 30, 2008, pursuant to the laws in effect, including penalties, surcharges or interest. The term “tax receivable” shall not include deficiencies, as said term is defined in the Code, which have prescribed under the applicable provisions of the Code or under any other applicable law.
(i) Public entity. — Shall mean any agency, department, public instrumentality or political subdivision of the Government of Puerto Rico, including but not limited to any public corporation or its subsidiaries or affiliates.
(j) Date of sale or transfer. — Shall mean the date of execution of the contract or document whereby the tax receivable or the right to receive payments on account of tax receivables or any interest thereon is sold, assigned, exchanged, negotiated, disposed of, transferred or conveyed.
(k) Government Accounting Act. — Shall mean the Government Accounting Act, §§ 283—283p of Title 3.
(l) Person. — Shall mean any natural or juridical person.
(m) Eligible person. — Shall mean any person who meets the requirements established in § 354b of this title.
(n) Secretary of the Treasury. — Shall mean the Secretary of the Department of the Treasury.
(o) Sale or transfer. — Shall mean the sale, assignment, exchange, negotiation, transfer, disposal or conveyance.
History —July 20, 2008, No. 125, § 3.