On March 4, 2011, Puerto Rico enacted Act No. 27 of 2011, as amended, known as the “Puerto Rico Film Industry Economic Incentives Act” (the “Act”) to solidify its position as one of the leading jurisdictions for the production of film, television and other media projects. The Act provides tax exemptions and tax credits to businesses engaged in film production in Puerto Rico. To avail from such benefits, a business needs to become an exempt business by applying for a tax concession and obtaining a tax exemption decree.