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Act 60 vs. Act 20 and Act 22: A Comprehensive Analysis

Puerto Rico's tax landscape has evolved significantly with the introduction of Act 60, which consolidates the former Act 20 and Act 22. Understanding the nuances of this legislative shift is critical for ensuring full compliance and maximizing the benefits of your decree. Our AI-powered platform, verified by CPAs, provides an exhaustive review of your tax position under the new framework.

Act 60 vs. Act 20 and Act 22: A Comprehensive Analysis

The Legislative Evolution: From Acts 20/22 to Act 60

Key Differences and New Requirements under Act 60

Grandfathering Provisions and Navigating the Transition

Frequently Asked Questions

Can I still apply for the benefits of Act 20 and Act 22?

No, Act 20 and Act 22 have been superseded by Act 60. New applicants must apply under the provisions of Act 60, which incorporates the former acts as chapters within the new Incentives Code.

I have an Act 22 decree from 2018. Do I need to comply with the new Act 60 requirements?

Your existing decree is likely grandfathered, meaning you can continue under its original terms. However, you may have the option to convert to an Act 60 decree. A detailed review can help determine the most advantageous course of action for your specific circumstances.

What is the biggest change from Act 22 to Act 60 for individual investors?

The most significant changes for individual investors are the new requirements to purchase a primary residence in Puerto Rico and make an annual $10,000 charitable donation. These were not requirements under the original Act 22.

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This content is for informational purposes only and does not constitute tax, legal, or accounting advice.