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Puerto Rico Film, Television, and Theatre Production Act of 2023

12/15/2023, 3:53 PM

Summary of Bill HR 376

Bill 118 HR 376, also known as the Puerto Rico Film, Television, and Theatre Production Act of 2023, aims to promote and support the film, television, and theatre industries in Puerto Rico. The bill seeks to provide incentives and tax credits to attract production companies to the island, boosting economic growth and creating job opportunities for local residents.

Under the provisions of the bill, production companies that choose to film in Puerto Rico will be eligible for tax credits and other financial incentives. These incentives are designed to offset the costs of filming in Puerto Rico and encourage more companies to choose the island as a filming location.

The bill also includes measures to support local talent and businesses in the film, television, and theatre industries. It establishes a fund to provide grants and scholarships to aspiring filmmakers and actors in Puerto Rico, as well as support for local production companies and theatres. Overall, the Puerto Rico Film, Television, and Theatre Production Act of 2023 aims to boost the island's economy, create job opportunities, and support the growth of the film, television, and theatre industries in Puerto Rico.

Congressional Summary of HR 376

Puerto Rico Film, Television, and Theatre Production Act of 2023

This bill extends the expensing provisions for film, television, and theater productions to productions in Puerto Rico. (Expensing permits the write-off of property costs in the current taxable year rather than amortizing such costs over a period of years.)

Read the Full Bill

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Current Status of Bill HR 376

Bill HR 376 is currently in the status of Bill Introduced since January 17, 2023. Bill HR 376 was introduced during Congress 118 and was introduced to the House on January 17, 2023.  Bill HR 376's most recent activity was Referred to the House Committee on Ways and Means. as of January 17, 2023

Bipartisan Support of Bill HR 376

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 376

Primary Policy Focus

Taxation

Potential Impact Areas

- Business investment and capital
- Income tax deductions
- Performing arts
- Puerto Rico
- Television and film
- U.S. territories and protectorates

Alternate Title(s) of Bill HR 376

Puerto Rico Film, Television, and Theatre Production Act of 2023
Puerto Rico Film, Television, and Theatre Production Act of 2023
To amend the Internal Revenue Code of 1986 to allow accelerated depreciation of certain qualified film and television and live theatrical productions in Puerto Rico.

Comments

Sponsors and Cosponsors of HR 376

Jenniffer González-Colón
Jenniffer González-Colón
Puerto RicoRepublican

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