Salma Hayek Partners with Mexican President to Launch 30% Cinema Incentive

Salma Hayek Pinault, the renowned actress and producer, joined forces with Mexican President Claudia Sheinbaum in Mexico City to unveil an exciting new initiative aimed at bolstering the country’s cinema industry. This plan features a notable 30% income tax incentive designed to encourage film production within Mexico.

Launch of the 30% Cinema Incentive

At the event, Hayek Pinault expressed her gratitude to the Mexican film community, acknowledging its significant role in her illustrious career. She stated, “I owe my career to the Mexican film community. It was a great honor to stand alongside this same community and announce this incredible new initiative.”

Details of the Incentive

The new support plan encompasses various aspects of the film industry. This includes training, production, exhibition, and preservation efforts. The standout element, however, is the 30% income tax (ISR) incentive, which is effective immediately.

• The incentive offers a tax relief of up to 30% on the income tax related to project expenditures in Mexico.
• Each project can receive a maximum benefit of 40 million pesos (approximately $2.3 million).
• Projects must use at least 70% domestic suppliers to qualify.

Objectives of the Initiative

Claudia Curiel de Icaza, Minister of Culture, highlighted the initiative’s goal to attract high-value international productions while ensuring national projects stay in Mexico. This approach aims to enhance the country’s creative economy and cultural sovereignty.

Eligible projects for this incentive include:

• Fiction and animated feature films and series episodes requiring a minimum expenditure of 40 million pesos ($2.3 million).
• Documentary features and series needing at least 20 million pesos ($1.1 million).
• Specific animation, visual effects, or post-production processes with minimum costs of 5 million pesos ($291,000).

Hayek’s Vision for Mexican Cinema

In her speech, Hayek emphasized Mexico’s rich cinematic heritage and the country’s wealth of artistic talent. She expressed her enthusiasm for the incentive’s potential to elevate Mexican cinema further. “I’m excited that this incentive will help shine an even brighter light on all of this and continue to strengthen and grow this extraordinary film community,” she added.

This initiative marks a significant milestone in the evolution of Mexico’s film industry, reinforcing a commitment to bolstering local talent while attracting global production efforts. Hayek concluded her remarks with gratitude to President Sheinbaum, celebrating a pivotal moment for Mexican cinema. “Viva México,” she proclaimed, capturing the spirit of the occasion.