Puerto Rico's Treasury Department announced on 13 December 2023 that the government will propose a new refundable credit for individual taxpayers in respect of the 2023 tax year. As previously reported, a tax relief bill was introduced in August 2023 that includes amendments to provide relief through revised income tax rates/brackets for individuals and lower/simpler progressive tax brackets/rates for companies, among other measures. The bill (HB 1839) was approved by the Legislative Assembly in November 2023 but was not signed into law by the governor due to opposition from Puerto Rico's Financial Oversight and Management Board, which found that the...