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In order to show support in the rapidly growing Film and Interactive Digital Media industry, B.C is now proposing a new tax credit. B.C has become renowned for its ability to provide the film, television, animation and visual effects market with outstanding work.B.C. is currently the third-largest film and television production center within North America. Many are hoping that the proposed tax credit will provide B.C. with another competitive advantage, helping it to compete against international locations.
Companies involved in the Film and Interactive Digital Media industry provide the B.C economy with over a billion dollars in revenue annually; these companies are also generating thousands of jobs for residents. The proposed tax credit would recognize these contributions, by providing a made-in-B.C incentive package. This incentive is aimed to provide an increase in B.C. based productions. Due to B.C.’s ability to be at the forefront of the North American film and television industry, there has also been an increase for the production of video games within the province. The proposed tax credits will provide for an even larger increase and therefore many more job opportunities for B.C. residents.
Provisions for the tax credit include 17.5 percent of qualifying B.C labour costs for video game development. An eight percent increase on Production Services Tax Credit on labour costs for foreign productions, bringing it to a total of 33 percent. And an increase in the qualified B.C. labour expenditures for productions costs of 12 percent, for a total of 60 percent. These changes are being proposed to take into affect as of August 2010; those involved in B.C.’s film industry are looking forward to the increase in production following such changes.
For more information in regards to FIBC (Film Incentive BC) please refer to:
http://www.bcfilm.bc.ca/fibc.php