Tax Credit - Puerto Rico

http://www.puertoricofilm.com/en/economic-incentives.php
Along with this incentive, Puerto Rico use US currency, commercial, banking and intellectual property laws. Local talent and fiscal autonomy (it haa no federal taxes), make Puerto Rico an ideal destination for many productions.
The 40% tax credit is an incentive calculated on expenditures paid to Puerto Rico residents given in the form of a transferable tax credit. These expenses include equipment, crew, travel (if through a local travel agency), hotels, and any other local expense that may apply, be it above and/or below the line and during pre-production, production and post-production stages.
Payments to Puerto Rico residents mean those made to either a Puerto Rican entity and/or resident that pays taxes in Puerto Rico.

Other Benefits:
Government tax waiver on hotel accommodations
Free government locations are available
Remember to exclude the tax credit from your film budget.
Check QuickFilmBudget.com for a sample film budget!