Just a year after its approval, legislation aimed to draw film and television production to Puerto Rico is already showing results – attracting 30 productions and nearly $80 million in investment.
Passed in March 2011, productions including The Rum Diary starring Johnny Depp, Showtime‘s The Big C and the movie Runner, Runner starring Ben Affleck and Justin Timberlake have already taken advantage of the tax cuts.
The legislation, known as Act 27, or the Puerto Rico Film Industry Economic Incentives Act, offers a competitive cost structure of 20 percent production tax credit to all non-resident above-the-line spending, extending the credit to producers, directors, writers and talent.
The law also means that projects spending as little as $100,000 become eligible for incentives and services, opening the door to everything from short films, video games and documentaries to sound track recordings, dubbings and music videos.
Part of a larger pro-growth policy campaign by Governor Luis Fortuno, the legislation package recognizes the film industry’s role in the American economy – accounting for 2.4 million jobs and $41.7 billion in wages to U.S. workers.
“Between stunning scenery and proximity to the U.S. mainland, Puerto Rico offers a prime location for production,” said Jose Perez-Riera, Puerto Rico’s Secretary of economic development and commerce. “The latest incentives and infrastructure provided by Act 27 make filming in Puerto Rico not only ideal, but seamless.”