Salma Hayek Joins Mexican President to Launch 30% Cinema Incentive

Salma Hayek Pinault recently joined Mexican President Claudia Sheinbaum in Mexico City to announce a significant initiative aimed at boosting the national film industry. This initiative introduces a 30% income tax incentive designed to encourage film production and audiovisual projects within Mexico’s borders.

New Cinema Initiative and Its Significance

The new support plan is crucial for revitalizing Mexico’s cinematic landscape. Hayek, a prominent figure in both Mexican and Hollywood cinema, expressed her gratitude toward the local film community. She emphasized, “I owe my career to the Mexican film community,” recognizing the importance of supporting creative endeavors in her homeland.

Details of the 30% Income Tax Incentive

• Incentive Rate: 30% income tax rebate on expenditures.
• Maximum Cap: 40 million pesos (approximately $2.3 million) per project.
• Domestic Suppliers Requirement: Projects must source at least 70% from local suppliers.

The initiative aims to enhance the nation’s creative economy and safeguard cultural sovereignty. It also addresses the need for diversity in storytelling by ensuring that both national and international productions contribute to the Mexican cinema scene.

Eligible Projects and Requirements

Projects that qualify for the incentive include:

• Fiction or Animated Feature Films and Series: Minimum expenditure of 40 million pesos ($2.3 million).
• Documentary Feature Films and Series: Minimum expenditure of 20 million pesos ($1.1 million).
• Animation, Visual Effects, or Post-Production Processes: Minimum expenditure of 5 million pesos ($291,000) per process.

Both Mexican and foreign individuals or entities can benefit from this initiative, provided they collaborate with local producers. This inclusivity is designed to attract high-profile international projects while supporting local talent.

Building a Stronger Film Community

Hayek highlighted Mexico’s enduring cinematic legacy and the talent within its film industry. She stated, “Mexico has a long and distinguished cinematic legacy and a film industry that is truly world-class.” This new incentive not only strengthens existing ties within the community but also aims to enhance global recognition of Mexican cinema.

In conclusion, this initiative represents a pivotal moment for the Mexican film industry. With the introduction of a 30% income tax incentive, the country aims to foster creativity, attract international collaborations, and continue to produce diverse stories that resonate on a global scale. Hayek’s involvement underscores the importance of this initiative, marking it as a historic step forward for Mexican cinema.