May 26, 2012

Puerto Rico Extends Huge Tax Incentive

by Elissa Suh | Published July 14, 2009

As if the lush beaches and crystal waters of Puerto Rico weren’t already a location enticement for moviemakers, here come the tax credits! The Puerto Rico Film Commission recently announced their decision to extend Law 362 for 10 more years, granting a 40 percent tax credit for film projects shot in Puerto Rico.

The figure places Puerto Rico among the ranks of some of the most sought-after—and financially rewarding—production locations. The tax credit is available to moviemakers who shoot more than 50 percent of their principal photography in Puerto Rico and spend more than $1 million. While obviously assisting moviemakers financially, Law 362 also benefits the island, which ultimately gains international exposure and the potential to boost tourism and Puerto Rico’s own film industry.

The lure of lofty tax credits in combination with Puerto Rico’s location and stunning tropical backdrop have already started to prove effective. Movies such as The Rum Diary, starring Johnny Depp, and The Men Who Stare at Goats, starring George Clooney and Kevin Spacey, have recently wrapped filming.

For more information on Law 362 and the Puerto Rico Film Commission, visit www.puertoricofilm.com/en.

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