Gov’t publishes Opportunity Zones regulation for public comment
Economic Development and Commerce Secretary Manuel Laboy announced the publication for the review by the general public of the regulation that implements the provisions of sections 6070.54-6070.69 of the Opportunity Zones benefits of the Puerto Rico Incentives Code.
The regulation establishes the rules, requirements and criteria that will be used for the request and issuance of decrees.
“After several months of intense work, we published the regulation on our website and in the Department of Economic Development and Commerce’s Office of Legal Affairs,” Laboy said.
“It will be available for the next 30 days. Once this period ends, we will proceed to evaluate and integrate the recommendations that we deem pertinent. It is estimated that in the future the Opportunity Zones will generate more than $600 million in investments, as well as the creation of thousands of jobs,” said Laboy, who is a member of the Opportunity Zones Priority Projects Committee.
The enactment of the regulations will apply to anyone who intends to establish or has established an eligible business on the island and received a designation as an Opportunity Zones Priority Project and requests a decree.
“We have the best interest of having public input on this important initiative. When this process is finished, we will officially publish this regulation, together with the request for interested parties to submit their investment projects,” said Laboy.
Interested parties may submit their comments in writing via regular mail to Departamento de Desarrollo Económico y Comercio, P.O. Box 362350, San Juan, Puerto Rico 00936-2350, Atención: Lcdo. Gabriel Maldonado-González or via email.
Opportunity Zones are not as good as 1031 exchange. Please allow 1031 exchanges even if just within the island