ThePuerto Rico Film Commission revealed full details of its 40% tax credit schemeat an official industry launch here yesterday.
Thescheme, which is believed to be the second-largest in the world behindManitoba's 65% facility, will offer a rebate of local spend on features,television productions, miniseries and soundtracks.
Qualifyingproductions will need to shoot 50% of principal photography in the Caribbeanisland and payments must be made to either a Puerto Rican company or resident.
There isno national content requirement, and indeed the Commission is planning to builda 25-30,000sq ft studio that will offer more to film-makers than an exoticbackdrop.
RobertZemeckis shot scenes from his drama Contact in Puerto Rico, and Commissionexecutive director Luis Riefkohl confirmed that at least six features have shotin the island this year, including the crime dramas Illegal Tender, produced by John Singleton, and Reggaeton.
As afurther incentive, professional fees will accrue towards the local spend, aswill costs arising from training local crew during the shoot. Film-makers willalso receive a 50% advance of the tax credit, and receive a hotel tax waiverduring the shoot.
"Wewant to develop a local infrastructure and we have the goal of building thisstudio facility within the next two or three years," Riefkohl said.
Initiallythe Puerto Rico Treasury will cap its annual aggregate rebate at $15m, howeverUS attorney Vinca Liane Jarrett, an active promoter of North American taxcredits, said she expected the cap would be lifted.