P.R. Laws tit. 13, § 30124
(a) Taxes in general. — In the case of a taxpayer other than an individual, taxes paid or accrued within the taxable year, except:
(1) Income tax imposed by the authority of the Government of Puerto Rico;
(2) taxes on income and excess profits imposed by authority of the United States, any possession of the United States, or any foreign country, if the taxpayer opts to avail him/herself to any extent of the benefits of § 30201 of this title;
(3) estate, inheritance, devise, bequest, and gift taxes when the value of the property donated, inherited or devised is excluded from gross income under the provisions of § 30101(b)(2) of this title;
(4) taxes assessed for local benefits of a kind tending to increase the value of the property assessed; but this clause shall not exclude the allowance as a deduction of so much of such taxes as is properly allocable to maintenance or interest charges, and
(5) federal import duties and state excise taxes paid by dealers or manufacturers on goods imported, manufactured, produced or acquired in Puerto Rico for sale; but this clause shall not prevent the deduction of said duties and excises under § 30121 of this title.
(b) Shareholders taxes paid by corporation. — The deduction for taxes allowed by subsection (a) shall be allowed to a corporation in the case of taxes imposed to a shareholder of the corporation upon his/her interest as shareholder which are paid by the corporation without reimbursement from the shareholder, but in such cases no deductions shall be allowed to the shareholder for the amount of such taxes.
History —Jan. 31, 2011, No. 1, § 1033.04, retroactive to Jan. 1, 2011.