The new code of incentives is to convert Puerto Rico into an investment destination for Opportunity Zone Funds, providing the environment for the creation of local and foreign capital for investment funds in Priority Projects. The Tax Cuts and Jobs Act (TCJA,) known for creating Opportunity Zones, is often celebrated for its potential to move billions of dollars into low-income communities. Puerto Rico shall be deemed certified and designated as a QOZ effective on December 22, 2017, the date on which the TCJA was enacted. Thus, 100 percent of Puerto Rico’s LICs are deemed certified.
