Opportunity Zone / Construction Tax / Etc

Member since 01 March 2018

nikandjenNew member11 May 2019 17:37:43

Hi
I purchased a house in PR last year and planning on major renovations to start end of the summer. I've been reading on the Opportunity Zone Laws recently implemented and the additional local laws PR has been trying to pass or already passed which are supposed to trim your construction taxes, etc
However I can not find legible information which properly explains the process of how to approach this, where to apply, etc
Just vague articles talking about writing a statement of intent to the Committee (what committee???) and if approved applying for the tax break.
Has anyone tried this already or can point me at the right direction?
Thank you

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Sitka Serial expat

Member since 07 October 2015

SitkaSerial expat11 May 2019 20:52:14

953

I don’t have information on this, but it is a good question. I’ll be following this thread.

nikandjen New member

Member since 01 March 2018

nikandjenNew member11 May 2019 21:30:03

It's called Senate Bill No. 1147 and apparently they have been trying to pass it since November 2018. Found an article discussing it from April this year but apparently still not official. It's funny it's almost next to impossible to get any proper news reporting about what goes on in the PR Senate

jarseno21 Member

Member since 12 November 2018

jarseno21Member22 May 2019 17:07:42

I'm meeting with an attorney tomorrow afternoon to discuss pretty much the same thing. I can message you afterwards or you can set up an appointment directly with him. His name is Guardin Rojas Sosa, guardin@em-tax.com and 787-342-9012. He's in San Juan though.

nikandjen New member

Member since 01 March 2018

nikandjenNew member22 May 2019 17:14:58

Hey
Thank you!
Yeah if you don't mind just shooting me a message? As far as I can tell this is not a law yet officially?

LarryJohnsonPR Active member

Member since 08 August 2017

LarryJohnsonPRActive member22 May 2019 17:53:33

You can also get in contact with a representative at Invest Puerto Rico ( www.businessinpuertorico.com). This organization has been assigned by the current administration to essentially promote all of the various incentives available to potential investors here on the island. Last week there was a large conference at the convention center with the primary topic being about the opportunity zone program and we got to see the governor sign a bill that added further benefits to the program which should reduce greatly the amount of time it takes to get a project set up and running with the incentive.

Once on the website you can submit your info and a representative should reach out to you to provide further info.

Raul Villanueva New member

Member since 28 January 2019

Raul VillanuevaNew member03 June 2019 17:14:08

Hello, I have detailed info on PR opportunity zone that I can email you. Thanks, Raul ***

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