On June 25, 2022, the Puerto Rico Senate approved bill No. PS 552, proposing to increase annual film tax credit cap from the current $38 million to $100 million, per fiscal year. The bill is now being evaluated by the House of Representatives. If approved, the new cap would begin immediately. Puerto Rico’s film tax credit stimulates film production in the island by offering a 40% tax credit on eligible expenses incurred on the island. Since its inception in 1991, PR’s film tax credit has been widely successful in attracting major film productions to the island, as well as stimulating the local film industry. Credits and Incentives Corp. will continue monitoring this legislation.