New Film and Digital Media Tax Credits
February 4, 2010
A proposed new provincial tax credit for digital media and changes to provincial film tax credits was announced by Finance Minister Colin Hansen on February 3, 2010. "This is a made-in-BC incentive package that recognizes convergence is taking place within the film, television and the increasingly important video game and animation sectors," said Hansen. "We are responding to industry needs and recognize that film, television, animation, and visual effects companies contribute over a billion dollars annually to the BC economy and generate thousands of jobs."
Subject to approval by the legislature, the planned tax measures include:
- New BC Interactive Digital Media tax credit for video game development of 17.5% of qualifying BC labour costs
- Production Services Tax Credit on labour costs for foreign productions increased to 33% from 25%
- Digital Animation or Visual Effects tax credit bonus increased to 17.5% from 15%
- Qualified BC labour expenditures cap increased to 60% from 48% of production costs
It is proposed that the film tax credit changes be effective for productions with principal photography that begin after February 28, 2010. The BC Interactive Digital Media tax credit will be effective for qualifying video game development projects that begin after August 31, 2010.
Film is big business in Maple Ridge. In 2009 there were 236 shoot days bringing an estimated $2.36 million of economic impact to our community.
Contact Marg Johnson, Film Production Liaison, for more information on filming in Maple Ridge.