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EPY: Puerto Rico Young Entrepreneurs Incentives And Financing Act [Act 135-2014 (Doc ID 1969415.1)

Last updated on OCTOBER 10, 2018

Applies to:

PeopleSoft Enterprise HCM Payroll for North America - Version 9.1 and later
Information in this document applies to any platform.

Goal

In August of 2014, new legislation was passed to give employees who live in Puerto Rico a tax exemption:

PUERTO RICO


Withholding Tax Exemption. Recent legislation exempts from taxation the first $40,000 of income earned by a Puerto Rico resident who is 16- to 26-years-old at the end of the tax year. The law is in effect until tax years beginning on Jan. 1, 2020. The legislation is called the Young Entrepreneurs Incentives and Financing Act [Act 135-2014; LPRA §1031.02(a)(35)]

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Solution

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