Few Opportunity Zone Plans in Works on Island Where Need Is Vast

Puerto Rico’s ambitions to accelerate new construction and investment in designated low-income communities with local opportunity zone incentives are still lagging more than five years after a federal program was put in place for such projects.

A 2017 federal tax program allowed Puerto Rico to designate 98% of the island as an opportunity zone, eligible for investment encouraged by major capital gains tax breaks. The island’s government established additional tax breaks and other incentives for companies to invest.

Yet only three local opportunity zone deals have been approved, concentrated in the San Juan metro area and the municipality of Cidra: ...