Puerto Rico courts Hollywood with tax incentives
SAN JUAN, Puerto Rico, Wednesday July 18, 2012 — Puerto Rico's Governor Luis Fortuno has signed another package of tax incentives aimed at luring more Hollywood movie crews to film in the United States island territory.
The governor says the additional tax breaks will make Puerto Rico among the most attractive locations for film production crews.
The incentives announced Monday will provide film studio tax credits for money spent on non-resident actors, writers, directors and associated talent.
Previous legislation has already created tax credits for employing Puerto Rican residents, increasing the benefits for the United States territory.
Fortuno says incentives in place since March 2011 have resulted in about 30 productions being filmed in the island, generating about US$80 million in investment.
Recent examples include television episodes for Showtime's "The Big C" and the movie "Runner, Runner" with Ben Affleck and Justin Timberlake.
Many American states have similar incentive programmes to entice film crews and generate revenue.