Puerto Rico’s Opportunity Zone Program Has Sluggish Start (1)

Puerto Rico had high hopes of piggybacking on the federal opportunity zone program given 98% of the island lies in distressed areas which are covered by the zones and qualify for tax breaks on new development.

But four years after the federal law was enacted, the local government has approved only one opportunity zone decree and it’s in the heart of the capital city’s financial district: Banco Popular, one of the island’s largest banks, is getting the tax break on a commercial real estate development project in San Juan, financed with a $300 million fund, the government confirmed.

The bank’s ...