Saturday, March 23, 2019

Puerto Rico government to hold Opportunity Zone Summit on March 5

By on February 19, 2019

SAN JUAN – Puerto Rico’s Federal Affairs Administration and Central Office for Reconstruction, Recovery and Resiliency (COR3) announced Tuesday that they are holding a Puerto Rico Opportunity Zone Summit in San Juan’s convention center on March 5.

Nearly 98% of Puerto Rio has been designed as an Opportunity Zone, where certain new investments may be eligible for preferential tax treatment.

Puerto Rico’s governor, U.S. Treasury officials, sponsors and investors will focus on boosting Puerto Rico’s economic recovery through the Opportunity Zone program. The summit agenda also includes several networking sessions.

The summit’s keynote speakers include Gov. Ricardo Rosselló, Chief Investment Officer Gerardo Portela, Puerto Rico Federal Affairs Director Carlos Mercader, U.S. Treasurer Jovita Carranza and Daniel Kowalski, counselor to Treasury Secretary Steven Mnuchin.

The conference agenda includes topics covering best practices for utilizing the Opportunity Zone incentive and an overview of investment opportunities. The following were listed in the government’s release:
– Opportunity Zone fundamentals, including the latest guidance from Treasury and IRS;
– Insight on combining this incentive with federal and local tax credits;
– Prospective project pipeline to support long-term local investment in Puerto Rico and provide tangible benefits with immediate community impact;
– Recommendations for addressing tax, legal, and regulatory challenges.

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