The government meeting held on December 6, 2024, focused on the significant impact of film production in Puerto Rico over the past four years. The total investment in the film industry has exceeded $330 million, generating over $183 million in tax credits. This investment has resulted in approximately 23,000 hotel nights and more than 7,800 jobs, highlighting the industry's contribution to the local economy.

Key components of film financing were discussed, including tax credits established under Law 60 and a substantial allocation of $74 million from the governor, distributed over two years. This funding is divided into four phases for local projects, covering script development, pre-production, principal photography, and post-production. Out of the allocated funds, $68 million have been committed, with $56 million already disbursed, leaving $11 million to be distributed in the coming months.

The meeting also addressed the distribution of investments between local and non-local productions. While the investment is roughly split, there has been a recent emphasis on supporting local projects, which are expected to surpass non-local ones this year. Concerns were raised regarding the perceived lack of support for local filmmakers, which the administration acknowledged and is working to address.

Future funding for the film industry remains uncertain, as the $74 million from ARPA is not a recurring allocation. The governor's proposal to increase tax credits from $38 million to $100 million is under evaluation by the Fiscal Oversight Board. The outcome of this proposal is crucial for the industry's stability and growth.

The meeting concluded with discussions on the evaluation criteria for projects seeking funding, emphasizing the importance of local productions and the need for improved script development. The administration is committed to enhancing support for local filmmakers and fostering a more robust film industry in Puerto Rico.