Puerto Rico Film Tax credits starting at 40%
Paradise may be one thing, but producers don’t just choose Puerto Rico for its wide range of locations- the government offers tax incentives that rival anywhere in the world
ISLAND EXPENDITURE REBATE
– 40% tax credit on all payments to Puerto Rico Residents.
– 20% tax credit on all payments to Non-Resident Talent (including stunt doubles). Payments made to Non-Resident Talent are subject to a 20% withholding over their PR income.
– Qualifying media projects:
series in episodes
national and international commercials
recorded live performances
original sound track recordings and dubbing.
– $100,000 minimum local spend requirement per project ($50,000 for short films and commercials).
– No principal photography requirements (full or partial development, pre-production and post-production may qualify). If 50% or more of principal photography is shot in the island, development payments to Puerto Rico Residents can qualify.
– No per project or individual wage caps.
– No cap on credits for payments to Non-Residential Talent. The annual cap on credits for payments to Puerto Rico Residents is $50 million.
Film Tax Incentives /State
40% - PR
35% - DC/OK
30% - KY/IL/WA/NY
25% - RI/PA/AL/MA/NM/NC/SC/TN
20% - CA/CO/AR/UT/OR/MN/HI/GA
Some facts about Puerto Rico:
Puerto Rico has over four (4) US trained full crews for mid to low budget films
U.S. Citizens do not need a passport to travel to PR
The islands currency is the US dollar
Puerto Rico has been part of the United States since 1898
Puerto Ricans HAVE BEEN US citizens since 1917
Residents pay local income taxes while contributing to the US national Medicare and Social Security systems
All U.S. labor, safety, banking, minimum wage and federal laws apply
* Elements of this document were taken directly from the Puerto Rico Film Commission Executive Summary www.puertoricofilm.com