BC to continue with Film Credits

This from the Province of BC website...

PREMIER ANNOUNCES PLANNED EXTENSION OF FILM TAX CREDITS

NORTH VANCOUVER – The Province intends to extend British Columbia’s successful film tax credits for an additional five years to 2013, Premier Gordon Campbell announced today at a celebration to proclaim Motion Picture Industry Week in B.C.

“The motion picture industry has become a significant part of British Columbia’s economic, artistic and cultural identity, directly employing 20,000 British Columbians and generating $1.2 billion in production expenditures last year,” said Premier Campbell. “Our film tax credits ensure B.C. remains competitive in maintaining the tremendous activity we have seen in this sector. In the upcoming budget, we’ll ask the legislature to extend those credits for an additional five years to help ensure B.C. remains top of mind with producers.”

The tax credits were set to expire in 2008 and the decision to seek an extension to 2013 was made following the Ministry of Finance’s 2007 Film Tax Credit Review. The review involved consultations with domestic and foreign film producers and British Columbia Film.

“An extension was widely supported by industry representatives, who reported the program increased employment and stimulated growth of the industry in British Columbia,” said Finance Minister Carole Taylor. “By announcing our intentions now, we send a clear message that we want British Columbia to remain a location of choice for film and television production.”

B.C. is now home to Canada’s largest and North America’s third-largest film and television service production centre. B.C.’s film and television industry has grown from $211 million and 61 productions in 1992 to $1.2 billion and 230 productions in 2006. The productions completed last year include 53 feature films, 39 television series, 63 movies of the week, 33 documentaries, 18 animation projects, 13 television pilots and 11 short films. The industry generates an estimated 20,000 direct and 15,000 indirect jobs across the province.

If the extension is approved by the Legislative Assembly, British Columbia production companies will continue to benefit from the Film Incentive BC tax credit, which includes:
· A basic credit of 30 per cent of qualified labour costs.
· A regional credit of 12.5 per cent for productions filmed outside the designated Vancouver area.
· A film training tax credit for approved training programs.
· A digital animation or visual effects credit of 15 per cent.

Canadian and international production companies could continue to qualify for the Production Services Tax Credit, which has three components:

· A basic credit of 18 per cent of qualified labour costs.
· A regional credit of six per cent for productions filmed outside the designated Vancouver area.
· A digital animation or visual effects credit of 15 per cent.