More record and film companies are taking notice of attractive incentives that make the American territory a production hotspot. Starting in 2012, Puerto Rico began to introduce film and media production incentives to jumpstart the economy.
A slew of tax credits for resident and nonresident spending makes Puerto Rico an attractive locale with little compromise. Incentives include 20% tax credits on production spending by non-residents, such as producers, writers and talent. Meanwhile, a 40% tax credit is in place on resident spending for these positions.
The natural beauty, low costs and English speaking population make this oasis an ideal spot for filming. Film and music companies also bring jobs in the form of production, stage and construction set up. Film Financier Elliott Brody noted the appeal of Puerto Rico's film and music industry for the Kany Garcia concert. He noted the event was "...the right opportunity that had all the right ingredients that came across at the right time." in a March 5, 2013 news release.
Music and film executives took notice of the comments, along with statements from key figures in Latin music. Richard Burkhart, who produced the first Latin GRAMMYs, said the event expanded "the horizons of Sony Latin and Latin Music."
These statement seem prophetic a year later, as Puerto Rico's entertainment economy continues to grow. Puerto Rican official Antonio Sifre reflected on the impact that Kany Garcia's concert had on the San Juan community.
He stressed that investments from Sony Music and Elliott Broidy were what the film incentives were designed to do. Sifre is co-author of the film and music credit laws in Puerto Rico.
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