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Puerto Rico

Jul 11, 2009 | Posted by: Upfront Yankee

Lights…cameras…$$$ (for Puerto Rico.) - Caribbean Business Online Editorial - 09/07/09

Full story: www.caribbeanbusinesspr.com

We are indeed pleased to talk with you this week about an industry—the production of movies, TV shows and commercials—that appears to be on the rise in Puerto Rico due to a variety of factors, some which we were naturally blessed with and some this government, as others have in the past, is helping develop. Earlier this week, the Legislature approved an extension to the film industry tax incentives law which, through its tax credits, puts us on par with most other competing locations in luring moviemakers. One good thing about this particular tax credit is that the money must be spent before it is actually granted. Then there are our very own benefits, which are hard to find in many places of our size, apart from the ease of getting here, being part of the U.S. and the lack of language difficulties. We are blessed with practically every scenic background in the world that a movie producer and director could want from mountains to seashores, from the crashing waves of the Atlantic to the calm Caribbean Sea, from the perfect Spanish colonial city in Old San Juan and its towering stone fortresses to our modern banking district along the Golden Mile in Hato Rey. If a desert is called for, we have that as well as salt flats, a rainforest, a dry forest, etc. In other words, Puerto Rico can, in just a short hop from the U.S. mainland and a short drive from one place to the other, supply whatever locations are called for. We also have the skilled people so necessary to make a top-quality movie and, with the reality of the Marc Anthony / Jennifer López possible $50 million to $60 million major film studio somewhere between Dorado and Luquillo, we would not only have top-notch facilities, but also the name recognition that would come along with two of the best-known Puerto Ricans in show business today. Then there are the many side benefits, apart from the fun of seeing movies made and even becoming a well-paid extra in one of them. [Continue in Extended Entry section.]

Thousands of hotel-room nights are taken by moviemakers when they and their stars come to Puerto Rico, along with what is usually a large contingent of assistants. Local badly needed jobs are created and publicity generated by the stars’ presence here is sent out all over the world making Puerto Rico—once again—a center of what’s happening. The worldwide publicity our Tourism Co. can capitalize on with each movie will bring tremendous tourism benefits to Puerto Rico because of the recognition and promotional factor.

Moneywise, for the government, it is a win-win situation with the Treasury Department receiving money in the form of other taxes while granting tax credits for the movie company itself. In the past five fiscal years, Treasury has issued $36 million in tax credits to 31 film projects in exchange for more than $90 million in various expenditures on the island. When we give tax credits on something like this, we are giving nothing. Without the tax credits, we wouldn’t attract the movies and, therefore, no financial benefits. Maybe, someday, our locations will be so attractive that the tax benefit can even be reduced.

Puerto Rico was a pioneer in the transferable tax-credit business in the movie industry, but in past years we have fallen behind. Now, thanks to more dynamic leadership, we will be catching up once again.

A good part of what is happening involves developing a local film industry as well, which does exist, but is badly in need of strengthening.

Puerto Ricans are extremely creative when it comes to moviemaking—especially documentaries—and, by bringing Hollywood and international productions to the island on a larger scale, we should be able to continue to develop a film industry locally. An existing Film Fund that finances local films must become more proactive and visible to ensure this happens.

All in all, it is a positive situation for Puerto Rico in terms of dollars, local jobs and worldwide exposure. Based on all this, all that is left to say is…lights, cameras, action!

[Because this editorial is important good news, we decided to print the entire editorial. For original source, open link.]

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Upfront Yankee

Joined: Dec 22, 2008

Comments: 890

Norcross, GA

We need a well-informed journalist to do a comprehensive review of the Fortuno Administration's accomplishments from the date Luis Fortuno took office in January 2009 up to today.

I read everyday Caribbean Business Online, Puerto Rico Daily Sun and other informative Puerto Rican media. On a daily basis I read stories of important accomplishments by Luis Fortuno and his administration. These accomplishments need to be told and explained to the Puerto Rican people.

What Puerto Rico is doing to attract movie productions is one example of many accomplishments by our current Commonwealth Government. For example, I recently read how the Fortuno Administration is improving the agriculture economy on the island.

There are many other success stories that were made possible in the six months Luis Fortuno has been Governor of Puerto Rico. He gives me the comfortable feeling that Puerto Rico's economic future in on track. It would be great to see a progress report by one of our esteemed journalist or even by Governor Luis Fortuno himself.

Upfront Yankee

Joined: Dec 22, 2008

Comments: 890

Norcross, GA

http://www.caribbeanbusinesspr.com/news02.php...

Click on this link for Caribbean Business Online comprehensive report about film productions in Puerto Rico. Excellent reporting...

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