María de los Ángeles Rivera is a tax partner at Kevane Grant Thornton in Puerto Rico.
“As a CPA and tax accountant, I help clients, prospects and the community to understand the Opportunity Zones rules and requirements and how to combine these with local tax incentives,” she said. “The best part of the job is helping our clients achieve their goals and objectives while we drive economic development in Puerto Rico.”
How and why did you get involved in the OZ industry?
It was a no brainer. Puerto Rico has a unique position in the space: almost 100% of the island is a designated OZ. That combined with our local incentives and the need for rebuilding after the 2017 storms puts on a once in a lifetime opportunity to promote and create sustainable economic development.
What are some current trends you are seeing in the OZ market?
I am seeing more interest in ongoing businesses vs just real estate investment.
How do you think the pandemic has impacted the OZ industry?
Here in Puerto Rico, we continue to see a great amount of interest in investors coming and establishing businesses. Some projects have shifted from commercial rental to housing development.
What are your top business goals this year?
Continue to promote the unique position Puerto Rico has in the space and collaborate with certain agencies in attracting the investment necessary on the island.
What achievement in the Opportunity Zone market has been most rewarding for you? Why?
Being able to be positioned among the top professionals in the space and spread the word about the opportunities Puerto Rico has to offer. I see this as part of my contribution to the improvement of the current situation in the island.
What are your thoughts on the proposed bill to extend the OZ program to December 2028 – the Opportunity Zones Extension Act?
That will be excellent. That will definitely attract more investors with the benefit of having final regulations in place. The uncertainties of the first years, which might have stopped some investors, are now settled, for the most part.
What do you think we can expect from the new Biden administration when it comes to OZs?
More reporting and measurement of impact of the investments in QOFs.
What is your favorite quote and why?
Being a Rotarian, I apply the Four Way test everyday: Is it the truth? Is it fair to all concerned? Will it build goodwill and friendships? Will it be beneficial to all concerned?
What is the favorite book you have read recently? Why?
For entertainment, I like all of John Grisham books. Lately I have been reading books that will help coach and provide support to my staff: Quiet Leadership by David Rock and Time to Think by Nancy Kline.
If you could change one thing about the OZ initiative regulations, what would you do?
Provide more certainty to ongoing businesses in the OZ space.
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