Puerto Rico Expense Limitation Agreement
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How to fill out Expense Limitation Agreement?
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For purposes of the foreign earned income exclusion, the foreign housing exclusion, and the foreign housing deduction, the terms "foreign," "abroad," and "overseas" refer to areas outside the United States, American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, Puerto Rico, the U.S. Virgin Islands, and ...
One of the greatest of many Puerto Rico tax benefits is the Act 60 Investor Resident Individual Tax Incentive (formerly Act 22), which allows you to pay 0% federal or Puerto Rico capital gains tax on all capital gains incurred during the time that you qualify as a bona fide Puerto Rico resident living in Puerto Rico.
A Puerto Rico tax return reporting Puerto Rico income and a U.S. tax return is reflected on Form 1040-NR - FileIT.
Other US Federal taxes While the Commonwealth government has its own tax laws, Puerto Rico residents are also not required to pay US federal taxes, but most residents do not have to pay the federal personal income tax.
Specifically, a U.S. citizen who becomes a bona fide Puerto Rico resident and moves his or her business to Puerto Rico (thus, generating Puerto Rico sourced income) may benefit from a 4% corporate tax/fixed income tax rate, a 100% exemption on property taxes, and a 100% exemption on dividends from export services.
Statute of limitations The PRTD generally has four years after an original return is filed to assess income, payroll, and sales and use taxes. A return will be deemed to have been filed on the later of (i) its due date or (ii) the date the return was actually filed.
480.6C - Form 480.6C is intended for non-residents of Puerto Rico. It covers investment income that has been subject to Puerto Rico source withholding.