Get Pr Form 480.20(u) 2017-2025

The exemption and limitation are applied against the California AMTI apportioned and allocated to that taxpayer. For general corporations, the tentative minimum tax is 6.65 percent and 8.65 percent for financial corporations of the excess AMTI of the exemption amount.

The Inflation Reduction Act created the CAMT, which imposes a 15% minimum tax on the adjusted financial statement income of large corporations for taxable years beginning after December 31, 2022. The CAMT generally applies to large corporations with average annual financial statement income exceeding $1 billion.

Generally, if you are a Puerto Rico bona fide resident, you must file a Puerto Rico tax return. If you are not a bona fide resident of Puerto Rico, you must file both a Puerto Rico tax return and a U.S. tax return. If you are a member of the United States Armed Forces, special tax rules may be applied.

Puerto Rico Income Tax If your LLC is taxed as a Puerto Rico corporation, you'll need to pay corporate income tax. Puerto Rico's corporate tax rate is 37.5%.

Puerto Rico holds a unique position as an unincorporated U.S. territory. Under Internal Revenue Code (IRC) §933, Puerto Rico source income is excluded from U.S. federal tax.

Alternative minimum tax (AMT) Such minimum tax is subject to an 18.5% flat rate, or 23% in the case of taxpayers with gross proceeds of USD 10 million or more. A corporation is not allowed to claim the same deductions it claimed for regular income tax purposes.

Quick rates and dates Corporate income tax (CIT) ratesHeadline CIT rate (%)37.5 (i.e. 18.5% + 19% surtax on income over USD 275,000).

Series 480.6A reports any taxable dividends and/or gross proceeds from realized capital gains or losses in your taxable investment account. This form will also report any interest paid out in your cash account. Series 480.6D reports any tax exempt dividends that were distributed in your taxable investment account.