P.R. Laws tit. 23, § 575d
(a) The maximum tax credits available to be generated under this chapter shall be fifteen million dollars ($15,000,000) per fiscal year. However, in those cases in which the Commissioner and the Secretary of the Treasury evaluate the activities to be carried out by a film entity, and find that they shall contribute substantially to the economic development of Puerto Rico, the Secretary may authorize the credits, even though credits up to the limit of fifteen million dollars ($15,000,000) have already been granted for a specific fiscal year.
(b) The Commissioner, with the recommendation of the [Motion Picture] Corporation, shall authorize the credits applied for up to the limit provided in this section per fiscal year, taking into account the number of jobs to be created at a short-, medium-, and long-term, business experience in the film industry, and other factors related to the film entity as established through regulations.
(c) The Commissioner and the Secretary of the Treasury shall reserve the tax credits applied for by a film entity when the license application is endorsed by the Secretary. The Commissioner shall confirm in writing to the film entity the amount of tax credits that, subject to compliance with the provisions of this chapter, shall be available to the film entity within the term established by the Commissioner, regardless of whether the annual cap has been reached.
History —Dec. 24, 1999, No. 362, § 18; Aug. 19, 2009, No. 81, § 4.