P.R. Laws tit. 21, § 651d
(a) There shall be levied on and collected from every person engaged in any financial business a license tax which in no case shall exceed one point five percent (1.5%) of its volume of business attributable to operations in the municipality levying the tax authorized, except as otherwise provided in §§ 651–652y of this title.
(b) Except for the fiscal years indicated in § 651j of this title, there shall be levied and collected from any person engaged in the rendering of any service, in the sale of any goods, industry or business, not covered under subsection (a) of this section, a license tax which in no case shall exceed fifty hundredths of one percent (0.50%) of its volume of business attributable to operations in the municipality levying the tax authorized, except when it is otherwise provided in §§ 651–625y of this title.
(c) The municipality is hereby authorized to levy and collect rates which are lower than the maximum rates established in subsections (a) and (b) of this section when wishing to stimulate a business concern within a particular industry, commercial sector or geographic area. To that effect the municipality shall consider the business volume of the concern to be stimulated with the industry or commercial sector to which it belongs; the nature of the business or industry in which the person or entity is engaged and the geographic location of the business, and that it be up-to-date in the payment of its municipal and Commonwealth taxes. This authorization includes the power to:
(1) Promulgate rates per volume of business;
(2) promulgate staggered or progressive effective rates within the minimum in effect and the authorized maximum, until the maximum rate is reached within two (2) years, and
(3) establish lower rates and even exemptions from the payment of municipal license taxes when wishing to stimulate new investments, rehabilitate operating activities and develop new activities in the municipal jurisdiction, all prospectively, and subject to meeting the conditions and formalities established by the municipality by ordinance to such ends. Provided, That the levying of lower rates and/or the exemption of the payment of municipal license taxes shall be uniform for businesses of the same nature within each industry and commercial sector.
(d) In all cases covered by this section, the amount of the municipal license tax to be collected shall be the amount resulting from the computation provided in subsections (a)–(c) of this section or twenty-five dollars ($25), whichever is greater.
History —July 10, 1974, No. 113, Part 1, p. 371, § 5; Aug. 30, 1991, No. 82, § 3.