Puerto Rico to launch new film tax incentives
Puerto Rico has unveiled a new collection of tax incentives to encourage more international production companies to shoot in the region. Puerto Rico residents can already be eligible for a 40% production tax credit, but this is to be expanded to non-resident talent as well, albeit with a reduced 20% figure.
José Ramón Pérez-Riera, Secretary of Economic Development and Commerce, said: “Puerto Rico already offers some of the most aggressive tax incentives in the world, making the island an important centre for a number of industries, from biosciences to aerospace. This ambitious bill will place the media industry on an equal footing, both with regard to production and the development and operation of related infrastructure.”
Among the other changes being made, the annual cap on payments being made to Puerto Rico residents will be more than trebled to USD50 million. Payments made to non-resident talent will not be capped. The Economic Incentives for the Development of the Puerto Rico Film Industry Act could be approved in a matter of days.
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