In Informative Bulletin 22-11, the Puerto Rico Treasury Department (PRTD) has clarified that the 15% alternative minimum tax (CAMT) on the “adjusted financial statement income” of certain corporations enacted as part of the Inflation Reduction Act (IRA), P.L. 117-69, has not triggered the 15% income tax rate on industrial development income (IDI) in Puerto Rico.
Act 52-2022, recently enacted in Puerto Rico, allows taxpayers with tax decrees to elect to be subject to a 10.5% income tax rate on IDI…