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May 15, 2019
Puerto Rico enacts tax incentives law for investments in opportunity zones
On 14 May 2019, Puerto Rico’s Governor Ricardo Roselló Nevares enacted the Law for the Development of Opportunity Zones and the Economic Development of Puerto Rico of 2019 (the Law), which establishes various tax incentives in Puerto Rico for investments in qualified opportunity zones within Puerto Rico. The tax incentives include preferential tax rates, transferable tax credits, and partial exemptions of property and municipal taxes. For more information on the proposed bill, see EY Global Tax Alert, Puerto Rico’s Governor proposes tax incentives for Opportunity Zones, dated 5 February 2019.
We will issue a subsequent Tax Alert detailing the specific provisions of the Law and how they will impact businesses investing in Puerto Rico.
For additional information with respect to this Alert, please contact the following:
Ernst & Young Puerto Rico LLC, State and Local Taxation Group, San Juan