Qualified Opportunity Zones were introduced by the Tax Cuts and Jobs Act (TCJA), seeking to encourage economic growth, job creation, and investment in designated distressed communities by providing federal tax benefits to taxpayers who invest in businesses located within these zones.
Act 73 of 2008, as amended, known as the Economic Incentives for the Development of Puerto Rico Act, is currently in effect to provide industrial development incentives.
New Appraisal Mechanism for Real Property Taxes
A new appraisal mechanism for real property taxes was introduced by an amendment to the Municipal Property Tax Act of 1991, signed into law on February 12, 2019 (Act 6-2019).
Prepared foods now subject to reduced tax and use rate of 7%
Starting October 1st, 2019, purchases of prepared foods are subject to a reduced Sales and Use Tax rate.
Tax Benefits under the Puerto Rico Qualified Opportunity Zones Act
Qualified Opportunity Zones were introduced by the Tax Cuts and Jobs Act (TCJA), seeking to encourage economic growth, job creation, and investment in designated distressed communities by providing federal tax benefits to taxpayers who invest in businesses located within these zones.