(MONEY Magazine) – Reeling from President Clinton's higher income taxes? Desperate for a tax shelter? Look to balmy Puerto Rico, home of triple-tax-exempt municipals. "The bonds are exempt from state and local taxes in all states, in addition to federal income taxes," explains James Lynch, editor of the Lynch Municipal Bond Advisory (monthly, $250 a year; 212-663-5552). And these investments are especially attractive for investors who live in high-tax states, such as Massachusetts, California and New York. Among the issues Lynch recommends are Puerto Rico Public Building Authority 4.7%, maturing in 1999, currently yielding 4.15%, and pre-refunded Puerto Rico 6.8% of 2002, which has a triple-A rating and yields 4.25%.