Section 29Sec./Art. 29

Industry Incentives. - Industries willing to locate their operations in the University S&T Parks and to participate in the academic and research activities of the University may import duty-free items in connection with the joint academic and research activities as certified by the Board; Provided, That any expenditure incurred by the industry participants in connection with such collaborative projects shall be considered as allowable deductions from the gross income in the computation of the income tax of the industry participants, in accordance with the provisions of the National Internal Revenue Code (NIRC) of 1997, as amended.