Question

Currently, Puerto Rico is a commonwealth. What are three options for the future political status of Puerto Rico?

Answer 1

Google & Wikipedia are your friends!
https://en.wikipedia.org/wiki/Proposed_political_status_for_Puerto_Rico
"Commonwealth (Current Status)
Puerto Rico will remain a territory of the United States. Puerto Rico will use the dollar as their currency. A resident commissioner will represent the island interests in Congress but he will have no vote. Puerto Rico will adhere to the cabotage laws. International trade is restricted to the USA. Puerto Ricans will remain US Citizens. Puerto Ricans cannot vote in United States elections but must obey federal laws. However, Puerto Ricans do not pay federal taxes unless they work for a federal agency. Puerto Ricans have a limited citizenship while living on the island but they can become full citizens if they move to any of the states. As American born citizens, they can travel freely to any state they desire. Federal laws apply and federal agencies like the FBI operate on the island. Appeals to local law may be made at the federal court.

Statehood
Puerto Rico would become the 51st State of the United States. The state would have due representation in the United States Congress with full voting rights; Puerto Rico would be represented in the Senate by two senators and the size of its delegation to the House of Representatives would be determined by its population (Connecticut, which has a similar population, currently has five representatives). Similarly, Puerto Rico would return a population-dependent number of electors to the electoral college for the Presidency (c.f. Connecticut's current seven electors). Federal taxes would apply on the island. The apportionment of federal aid to the island would be handled as for other states.
Since Puerto Rico is primarily Democratic, statehood is an unpopular proposition (because it would weaken their power) with the Republican-dominated Congress that would have to approve it. Also, members of Congress have expressed opposition to admitting a state with an official language other than English.

Free Associated State
Puerto Rico would become a sovereign nation with a political and economical treaty of association with the U.S. that would stipulate all delegated agreements. This could give Puerto Rico a similar status to Micronesia, the Marshall Islands, and Palau, countries which currently have a Compact of Free Association with the United States.

Independence
Puerto Rico becomes a fully independent, sovereign nation, with an independent judiciary and full control over domestic and foreign policy. Relations with the U.S. would be a matter of foreign policy. The U.S. would have no formal obligations to Puerto Rico and its citizens (and vice versa), other than those agreed by bilateral agreements of both nations."


In short, their options are:
1. Commonwealth - retain their current status
2. Statehood - become a state of the Unites States
3. Independence - become a fully independent nation

Answer 2

Thank you so much!