December 14, 2018 – Washington, DC – The U.S. Department of the Treasury announced that it has accepted to designate two additional Qualified Opportunity Zones (QOZ) in Puerto Rico at the request of Governor Ricardo Rosselló.
Census Tract No. 721191301, located in Río Grande, includes the Coco Beach Golf Resort and Residences, a project that is still under development and is expected to bring hundreds of jobs to the region.
“We are proud to announce that two additional tracts have been recognized as QOZs under federal law so that we can continue to foster economic growth in our communities,” said Puerto Rico Governor Ricardo Rosselló.
QOZs are low-income communities that receive eligible tax benefits in order to spur economic growth, create jobs and jump-start local economies.
“We thank U.S. Treasury Secretary Steven Mnuchin for his unwavering support throughout our recovery and reconstruction,” said Rosselló, “and we look forward to continuing to work with him so that the entirety of our territory is deemed a Qualified Opportunity Zone in accordance with the spirit of the law and the intentions of the U.S. Treasury and the Trump administration.”