Thursday, February 20, 2020

Draft Puerto Rico Opportunity Zone Regulation Published for Public Comment

By on January 30, 2020

(Juan J. Rodríguez/CB)
Economic Development Secretary Manuel Laboy Rivera (Juan J. Rodríguez/CB)

SAN JUAN — The Secretary of Puerto Rico’s Department of Economic Development and Commerce, Manuel A. Laboy Rivera, announced Thursday the publication, for the public’s review, of the regulation that implements the Opportunity Zone provisions of sections 6070.54 – 6070.69 of the Puerto Rico Incentives Code, which 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 www.ddec.pr.gov and in the Office of Legal Affairs of the Department of Economic Development and Commerce. 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 over $600 million in investments, as well as the creation of thousands of jobs,” said Laboy Rivera, who is a member of the Committee of Priority Projects in Opportunity Zones.

The implementation of the regulation of the Opportunity Zones of the Puerto Rico Incentives Code will apply to any person who intends to establish or has established an eligible business on the island and received a designation as an Opportunity Zone Priority Project by the committee and request a decree from the director of the Incentives Office.

“We have the best interest of being able to count on the public input on this important initiative. When this process is finished, we will officially publish this regulation, along with the request for interested parties to submit their investment projects. We will continue working on this public policy initiative of the administration of Governor Wanda Vázquez Garced, which will be of great benefit to the economic development of Puerto Rico,” the Economic Development secretary is quoted as saying on the department’s website.

“Interested citizens should submit their comments in writing by mail to: Department of Economic Development and Commerce, P.O. Box 362350, San Juan, Puerto Rico 00936-2350, Attention: Lcdo. Gabriel Maldonado-González or via email: gabriel.maldonado@ddec.pr.gov.,” the release adds.

image_print