Real Estate - MAY 15, 2019

Puerto Rico governor signs Opportunity Zones Development Act

by Andrea Zander

Puerto Rico Gov. Ricardo Rossello said he is seeking U.S. approval for $400 million of federal aid toward opportunity zone projects.

On Tuesday, the governor signed Senate Bill 1147, which establishes the regulatory framework for the development of Opportunity Zones on the island under the U.S. Tax Cuts and Jobs Act of 2017. Ninety-seven percent of the island was designated an Opportunity Zone, reported Caribbean Business.

The governor signed the law after delivering a presentation at the “Puerto Rico: A Paradise of Opportunities” summit at the Puerto Rico Convention Center in San Juan.

The commonwealth’s government was in talks with the U.S. Housing and Urban Development and Treasury Departments for approval, reported Bloomberg. And Rossello said investing the federal funds alongside private resources was part of the island’s efforts to distinguish itself from other jurisdictions in the opportunity zone program.

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