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Puerto Rico woos Hollywood with more tax breaks

- Associated Press - Monday, July 16, 2012

SAN JUAN, PUERTO RICO (AP) - Puerto Rico's governor has signed another package of tax breaks aimed at luring more Hollywood film crews to the Caribbean island.

Gov. Luis Fortuno says the additional incentives will make the U.S. island territory among the most attractive locales for film production crews.

The incentives announced Monday will provide film studio tax credits for money spent on non-resident actors, writers, directors and other talent. Previous legislation already created tax credits for hiring Puerto Rican residents.

Many U.S. states have similar programs to entice film crews.

Fortuno says incentives in place since March 2011 have resulted in about 30 productions coming to the island, generating about $80 million in investment. Recent examples include television episodes for Showtime's "The Big C" and the movie "Runner, Runner" with Ben Affleck and Justin Timberlake.

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