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Can you summarize Section 1042?
MUNICIPAL ECONOMIC AND TOURIST DEVELOPMENT INCENTIVES ACT > Decree applications
Short Summary
This legal document pertains to the decree applications under the Municipal Economic and Tourist Development Incentives Act in Puerto Rico. Eligible businesses can request a decree by submitting an initial written application to the Selection Committee within the first five years of the act’s approval. The Selection Committee is responsible for considering all decree applications and granting decrees to eligible businesses. The document outlines the conditions that must be met by the eligible business, such as meeting the requirements established by the Selection Committee, having the necessary financial resources and capabilities, and maintaining a good reputation. The proposed tourist project should have a significant investment of private capital, exceed $500 million in total investment, and include a world-class hotel, business and recreational establishments, and other necessary elements. The Selection Committee considers factors such as the total investment, expected revenues, job creation, experience of the eligible business, and the overall quality and competitiveness of the proposed project. The decree aims to benefit the economic development of the municipality where the project will be constructed and potentially neighboring municipalities. It is important to note that decree applications submitted after the five-year term from the approval of this act will not be processed.
Whom does it apply to?
Eligible businesses seeking a decree under this act
What does it govern?
Decree applications under the Municipal Economic and Tourist Development Incentives Act
What are exemptions?
Decree applications submitted after five years from the approval of this act will not be processed
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Puerto Rico