To designate all of Puerto Rico as an opportunity zone.

I 117TH CONGRESS 1ST SESSION H. R. 1740 To designate all of Puerto Rico as an opportunity zone. IN THE HOUSE OF REPRESENTATIVES MARCH 10, 2021 Miss GONZA´LEZ-COLO´N 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. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. ALL OF PUERTO RICO DESIGNATED AS AN OP- 3 PORTUNITY ZONE. 4 (a) IN GENERAL.—Section 1400Z–1(b)(3) of the In- 5 ternal Revenue Code of 1986 is amended by striking ‘‘that 6 is a low-income community shall be deemed to be certified 7 and designated as a qualified opportunity zone, effective 8 on the date of the enactment of Public Law 115–97’’ and 9 inserting ‘‘shall be deemed to be certified and designated 10 as a qualified opportunity zone.’’ 11 VerDate Sep 11 2014 19:33 May 03, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H1740.IH H1740 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 1740 IH (b) EFFECTIVE DATE.—The amendment made by 1 this section shall apply to taxable years beginning after 2 December 31, 2020. 3 Æ VerDate Sep 11 2014 19:33 May 03, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H1740.IH H1740 pamtmann on DSKBC07HB2PROD with BILLS