Monday, January 28, 2008

BC Announces 35% Film Incentive Credit....

British Columbia will offer new tax breaks for film production in the province, according to provincial Finance Minister Carole Taylor.

"Last year, we consulted extensively with the industry, and they told us that our tax credit program plays an important part in making British Columbia a world-class destination for film and television production," said Taylor.

The Film Incentive B.C. credit for resident production companies will go up to 35%.

Further breaks, including 12.5% for productions shot outside the Vancouver area, are already in effect.

Foreign production companies will see the Production Services Tax Credit jump to 25%, with an unchanged 6% bonus for work done outside the Vancouver area.

"Today's decision sends a strong signal to B.C.'s film industry and its customers that the provincial government believes this industry has an important future and a significant role to play in BC's knowledge-based economy," said Peter Leitch, chair of the Motion Picture Production Industry Association of B.C.

The new tax breaks will apply to productions underway by Dec. 31, 2007...