This office lease clause is a more detailed form giving the tenant additional rights and the landlord further obligations as it relates to tax increases.
Puerto Rico Detailed Tax Increase Clause
Category:
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Multi-State
Control #:
US-OL19033GB
Format:
Word;
PDF
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How to fill out Detailed Tax Increase Clause?
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Law 68: Promotes acquisition and investment into the housing market on the island LEARN MORE. Law 187: Exempts buyers from paying property taxes for five years as well as certain closing costs for the purchase of the new residence as a primary residence, second home or investment property.
Qualifying businesses, foreign or local, with an office in Puerto Rico get a 4% fixed income tax rate under Act 20 for exporting services. Under Act 22, the most controversial of the two, individual investors looking to benefit from the tax breaks must not have lived in Puerto Rico between 2006 and 2012.
Once you live in Puerto Rico, your passive income is now ?Puerto Rico source income,? and Section 933 of the Internal Revenue Code says you don't have to pay federal taxes on Puerto Rico source income. Act 60 says you don't have to pay Puerto Rico taxes on passive income.
The U.S. tax code (Section 933) allows a bona fide resident of Puerto Rico to exclude Puerto Rico-source income from his or her U.S. gross income for U.S. tax purposes.
If you're a bona fide resident of Puerto Rico during the entire tax year, you generally aren't required to file a U.S. federal income tax return if your only income is from sources within Puerto Rico.
Act 52-2022?enacted into law in Puerto Rico on June 30, 2022?allows taxpayers to amend their existing tax decrees to replace the existing income tax and royalty withholding tax framework with a new income tax and royalty withholding tax framework.
Act 52-2022 requires Puerto Rico resident individuals to report financial accounts that are held outside of Puerto Rico or outside of the US and had a balance over $10,000 during the tax year. Financial accounts include bank accounts, crypto asset accounts, certain insurance policies or investment accounts.
To enjoy these Puerto Rico tax incentives, you must qualify as a bona fide Puerto Rican resident by passing three tests?the presence test, the tax home test, and the closer connection test?to prove your intention for living in Puerto Rico long term.