|May 10, 2016||Comments Closed|
May 10, 2016
by Anna Marie de la Fuente
Some would say Puerto Rico is an economic basket case. The territory is weighed down by a debt of more than $70 billion, and it’s reeling from a decade-long recession. Unemployment remains sky-high.
More recently, publicity over the mosquito-borne Zika virus has cast another shadow over the tropical island.
Yet despite all obstacles, Puerto Rico’s generous film incentives are as robust and popular as ever. The Caribbean territory offers producers a 40% tax credit on local expenditures and a 20% tax credit on payments to non-resident talent, including producers, writers, actors and even stunt doubles.
A relatively recent perk: an additional 10% credit for projects with stories based in Puerto Rico that use the island backdrop. Adam Sandler’s upcoming Netflix comedy “The Do-Over” is the first to tap it.
“Puerto Rico has been in an economic recession for over 10 years now, and the reality is that film incentives have prevailed over every new administration because of their unquestionable impact on the overall economy, creating hundreds of jobs, and promoting related industries such as hospitality and food service,” says Nadia Barbarossa, film division director of Tax Credits Intl., headquartered in Puerto Rico.