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Puerto Rico Fiscal and Economic Growth Plan Published

On 9 September 2015, the Puerto Rico Fiscal and Economic Growth Plan was published. The plan was prepared by the Working Group for the Fiscal and Economic Recovery of Puerto Rico, which was established by Governor Alejandro García Padilla by executive order to address Puerto Rico's debt issues. The main tax-related aspects of the plan include:

  • Implementing a flatter low-rate corporate tax regime by reducing nominal corporate tax rates, eliminating inefficient corporate deductions and tax credits, and eliminating or reducing the alternative minimum tax;
  • Extending the 4% excise tax on certain purchases made by mainland (U.S.) companies for 5 years;
  • Expanding tax incentives under Act 73-2008 to apply to new companies coming to Puerto Rico, existing companies wishing to convert to new tax regime, and all firms after the expiration of their current tax grants;
  • Requesting the U.S. Congress to:
    • Amend US Internal Revenue Code to add new Section 933A to permit US-owned businesses in Puerto Rico to elect to be treated as U.S. domestic corporations (currently, Puerto Rican companies are generally treated as foreign corporations for U.S. tax purposes); and
    • Enact an economic activity tax credit for US investment in Puerto Rico designed as a targeted, cost-efficient version of former Section 936 of the US Internal Revenue Code, which allowed U.S. companies to repatriate Puerto Rican earnings effectively tax-free, but was repealed in 2005; and
  • Modernizing and streamlining administration to reduce costs and increase compliance.

Click the following link for the full Puerto Rico Fiscal and Economic Growth Plan.

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