Puerto Rico seeks to boost film industry with proposed $100 million tax credit increase

Puerto Rico is poised to enhance its film industry significantly following discussions at a recent government meeting. Key stakeholders emphasized the need to develop a robust ecosystem for scriptwriting and filmmaking, which could capitalize on the recently approved increase in tax credits from $38 million to $100 million. This change is expected to attract more film projects to the island, creating job opportunities and boosting the local economy.

The meeting highlighted the importance of interagency coordination and collaboration between the film industry and academic institutions to foster new programs that support this growth. Participants noted that there have already been four proposals to construct film studios and soundstages in Puerto Rico, indicating a strong interest in establishing a comprehensive film district in Guaynabo.

However, challenges remain. Stakeholders expressed concerns about the viability of current funding levels, stating that the previous $38 million was insufficient to sustain operations. The proposed increase to $100 million is seen as a critical step to ensure the industry’s survival and growth. The discussions also pointed out the necessity of developing local publishing houses to support the burgeoning film sector.

The meeting concluded with a call for aggressive follow-up with legislative bodies to ensure the successful implementation of the new funding law. The participants underscored that without adequate financial support, the film industry in Puerto Rico could face significant decline. The proposed changes are expected to not only revitalize the local film scene but also position Puerto Rico as a competitive player in the global film market.