|by:||Oct 19, 2007|
VANCOUVER -- B.C. says it will extend its current film and TV tax credit for another five years, extending its 30% break on labor and other credits into 2013.
Premier Gordon Campbell announced the move Friday, kicking off the province's first Motion Picture Industry Week.
"The industry is a significant part of our future," said Campbell, standing on the set of the ABC drama series Men in Trees at North Shore Studios in North Vancouver. "Our film tax credits will help ensure B.C. remains competitive, and keep B.C. top of mind with producers."
Faced with a strong loonie that threatens to take a bite out of U.S. service work, Campbell is aiming to send a message to producers, both foreign and Canadian, that the government is backing the film and TV industry in B.C. "It's important for this industry to have a sense of confidence, a sense of stability," he said.
Stakeholders cheered the planned extension as good news for the B.C. industry, and Michael Francis, chair of B.C. Film, remarked he was "surprised at the five years. I was expecting something in the three-year range."
The B.C. tax credits include a 30% break on qualified labor costs, a regional credit of 12.5% for productions filmed outside the designated Vancouver area, a tax break for approved training programs, and a 15% credit for digital animation or visual effects.
Last month, Nova Scotia upped its tax credit to 50%, plus some extras, in a bid to draw more business to the east.