To designate all of Puerto Rico as an opportunity zone.

Bill: 116-hr-7492
Sponsor: full_name: Resident Commissioner González-Colón, Jenniffer [R-PR-At Large]
Introduced: 2020-07-06
Policy area: Taxation
Subjects: Business investment and capital

Capital gains tax

Economic development

Income tax deferral

Income tax exclusion

Puerto Rico

U.S. territories and protectorates
Latest action: action_date: 2020-07-06
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2020-07-06
action_desc: Introduced in House
text: <p>This bill removes conditions on the designation of Puerto Rico as a qualified opportunity zone. In general, a <i>qualified opportunity zone</i> is an economically-distressed community where new investment may be eligible for preferential tax treatment.</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 7492 IN THE HOUSE OF REPRESENTATIVES July 6, 2020 Miss González-Colón of Puerto Rico introduced the following bill; which was referred to the Committee on Ways and Means A BILL To designate all of Puerto Rico as an opportunity zone.

1. All of Puerto Rico designated as an opportunity zone (a) In general Section 1400Z–1(b)(3) is amended by striking that is a low-income community shall be deemed to be certified and designated as a qualified opportunity zone, effective on the date of the enactment of Public Law 115–97 and inserting shall be deemed to be certified and designated as a qualified opportunity zone. (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2019.