P.R. Laws tit. 23, § 572b
Every film entity that obtains a license shall pay a fee equal to one percent (1%) of the estimated payment made to Puerto Rico residents who qualify for the generation of the tax credit, as certified by the accountant, to the Commissioner through the purchase of a voucher in an Internal Revenue Collection Center of the Department of the Treasury. The Secretary of the Treasury shall create a special fund, denominated “Special Fund to Oversee Film Entities and for the Development and Promotion of Puerto Rico as a Film Industry”, and shall deposit therein the revenues generated from the fees paid. The Commissioner shall use said funds to defray any expense incurred in promoting, administering or implementing this chapter, as well as in overseeing film entities, including without it being understood as a limitation the hiring of an accountant and any other personnel as necessary to carry out these functions. The Commissioner may also use these funds to promote the development of the local film industry and for any other administrative or operating expense of the Motion Picture Corporation. The Commissioner shall require the payment in advance of fifty percent (50%) of the fees before issuing a film entity license, computed on the basis of the budget submitted with the film entity application, and the balance after the accountant certifies the payments made to Puerto Rico residents who qualify for the generation of the tax credit. Provided, That the total sum of the fees paid on account of a license shall never be less than one percent (1%) of the estimated budget of payments to Puerto Rico residents submitted together with the license application.
History —Dec. 24, 1999, No. 362, § 8; Aug. 17, 2001, No. 121, § 9.02; Aug. 28, 2002, No. 205, § 7; July 15, 2008, No. 110, § 2; Aug. 19, 2009, No. 81, § 1.