FORBES - Marty Sullivan For income tax purposes, Puerto Rico is - TopicsExpress

FORBES - Marty Sullivan For income tax purposes, Puerto Rico is considered a foreign jurisdiction, and foreign taxes can be creditable against U.S. tax. So in effect, the new tax would be paid by the U.S. treasury, not U.S. companies.The scheme had one serious weakness. There is good reason to question the constitutionality of the tax. That’s because the commerce clause of the U.S. Constitution prohibits a government from taxing businesses operating outside its jurisdiction. The taxed affiliates have no physical presence in Puerto Rico. In legal circles and in the courts, there is much debate about whether this type of tax passes constitutional muster. If the tax is not constitutional, it is not creditable against U.S. tax.

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