HUGE news out of Puerto Rico as Governor Pedro R. P. Pierluisi raises the Film Tax incentives cap from $34m to $100m. This can encourage a growth of new investment in qualified film and media projects up to half a billion dollars!
“The film industry has great potential on our island. We have seen it in action over the past few years through highly renowned and successful local and national productions,” Pierluisi said. “The film industry has generated thousands of jobs and positively impacted the island’s economy. I support this industry and have provided more incentives to increase film production in Puerto Rico, which in addition to having a positive effect on economic development, promotes tourism on our island.” - Gov. Pierluisi
The new law will allow the Department of Economic Development and Commerce (DDEC by its Spanish acronym) to distribute $100 million among all eligible film projects. At least 10% of the total incentive is for local productions and documentaries.
Reach out to us at CereProds LLC if you’d like to discuss your next film project in Puerto Rico.
