To designate all of Puerto Rico as an opportunity zone.

H.R. 378 proposes to designate the entire territory of Puerto Rico as a "qualified opportunity zone," removing current restrictions that limit this status to specific low-income areas. This designation allows investors to receive significant federal tax breaks, such as deferring or reducing capital gains taxes, when they reinvest their money into businesses or real estate within the zone. For residents of Puerto Rico, the bill aims to stimulate the local economy by encouraging long-term private investment intended to create jobs and revitalize infrastructure across the island.