Predictive control represents an optimization oriented alternative for the control of power converters and drives. Predictive torque control of induction machines has been shown to achieve excellent initial results. The objective of this paper is to help develop this promising control approach by introducing new elements to improve its performance. The resulting algorithm improves the efficiency of the converter from 91.1% to 92.6% and achieves a common-mode voltage mitigation of 50%, compared to the basic control method. A tradeoff is observed in the power quality. The algorithm gives the designer the ability to select the best operating point for each particular application and to optimize the converter's performance. Experimental results are presented to validate the proposals.