Film Corp. has economic impact.

FILM CORP. HAS ECONOMIC IMPACT. Established over a decade ago to promote the local film industry and its contribution to the island's economy, the Puerto Rico Film Corp. had a stellar performance in 2003. The small public corporation--it has a staff of fewer than 10--saw the industry make a total economic impact of nearly US$23 million, reports Caribbean Business (July 19, 2004). The number of filming days on the island jumped 30% to 437 in 2003 from 335 in 2001. These filming days supported the creation of 6,105 jobs in 2003, up 163% from 2001 and 66% more 2002. In the tourism sector, film production on the island generated 10,706 hotel room-nights. Film producers can claim 40% of budget items paid to residents of Puerto Rico and use or sell the tax credit." The tax credit helped to attract to Puerto Rico such high-profile productions as Miramax/ Artisan's "Havana Nights" and Columbia Pictures' "Bad Boys II." In 2003, eight local producers (out of 23 applicants) received US$3.16 million in loans from the fund.