This bill removes conditions on the designation of Puerto Rico as a qualified opportunity zone. In general, a qualified opportunity zone is an economically-distressed community where new investment may be eligible for preferential tax treatment.
To designate all of Puerto Rico as an opportunity zone.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. ALL OF PUERTO RICO DESIGNATED AS AN OPPORTUNITY ZONE.

    (a) In General.--Section 1400Z-1(b)(3) of the Internal Revenue Code 
of 1986 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, 2020.
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To designate all of Puerto Rico as an opportunity zone.
To designate all of Puerto Rico as an opportunity zone.
Official Titles - House of Representatives
Official Title as Introduced
To designate all of Puerto Rico as an opportunity zone.
Resident Commissioner González-Colón, Jenniffer