P.R. Laws tit. 13, § 30203
(a) Alternative minimum tax foreign tax credit. — For purposes of § 30073 of this title:
(1) In general. — The alternative minimum tax foreign tax credit for any taxable year shall be the credit which would be determined under § 30201 of this title for such taxable year if:
(A) The amount determined under § 30073(b) of this title were the tax against which such credit was taken for purposes of § 30201(b) of this title for the taxable year and all prior taxable years,
(B) § 30201(b) of this title were applied on the basis of alternative minimum net income instead of net income, and
(C) for the purpose of § 30201(b) of this title, any increase in the alternative minimum net income by reason of the application of § 30074(b) of this title, in respect to the adjustment on the net income according to the books, shall have the same proportional source and nature than the alternative minimum net income determined without regard to the referred increase.
(2) Ninety (90)-day limitation on the tax percentage. —
(A) In general. — The alternative minimum tax foreign tax credit for any taxable year shall not exceed the excess, if any, of:
(i) The amount determined under § 30073(b) of this title for the taxable year, over
(ii) the ten percent (10%) of the sum which shall be determined under § 30073(b) of this title without regard to the net loss deduction in operations for the alternative tax.
(B) Carryforward. — If the alternative minimum tax foreign tax credit exceeds the amount determined under paragraph (A), such excess may be carried forward for seven (7) taxable years, in a timely order, for the purpose of treating it as part of the alternative minimum foreign tax credit, in addition to any other alternative minimum tax foreign tax credit corresponding to any of such carryforward taxable years. In no case, the alternative minimum foreign tax credit shall exceed the amount determined under paragraph (A).
History —Jan. 31, 2011, No. 1, § 1051.03, retroactive to Jan. 1, 2011.