A new industrial tax exemption statute became law in Puerto Rico on May 12, 1947. This island possession of the United States, located eight hours away from New York's LaGuardia field is already free of all federal income taxation. In the past, this favorable factor in its competition with mainland communities has been offset to a large extent by a very heavy local income tax. But industrialists who operate under the new exemption will be free of both federal and insular income taxes, as well as property and other local taxes.
Robert M. Baker and James E. Curry,
Taxpayer's Paradise in the Caribbean,
1 Vanderbilt Law Review
Available at: https://scholarship.law.vanderbilt.edu/vlr/vol1/iss2/2